Citizens lowered the firm’s price target on Flutter Entertainment (FLUT) to $188 from $195 and keeps an Outperform rating on the shares. The NFL playoffs, Super Bowl, and March Madness were somewhat uneventful for game outcomes, notes the firm. As a result, industry gaming margins exceeded 10% for four consecutive months for only the second time ever. That said, the customer churn hangover following the NFL season remains persistent, and Citizens expects sports betting handle to come in weaker than current expectations for the quarter. The firm believes Q2 should provide some relief, though investment ramps later in the quarter.
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