Bernstein lowered the firm’s price target on Flutter Entertainment (FLUT) to $245 from $275 and keeps a Market Perform rating on the shares. The firm sees the ex-U.S. growth engine rotating away from its historic U.K. and Australian anchors toward Brazil and Italy, with Snai, Sisal, and NSX emerging as the primary incremental revenue drivers. Further, Bernstein sees this mix shift upgrading the quality of the ex-U.S. earnings stream, tilting the portfolio toward higher velocity, structurally underpenetrated markets rather than mature cash cows over time.
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