Flutter Entertainment price target lowered to $271 from $321 at BTIG

BTIG lowered the firm’s price target on Flutter Entertainment (FLUT) to $271 from $321 and keeps a Buy rating on the shares after its softer than expected Q3 results. Sidestepping a surge in late quarter promo spend from multiple competitors, FanDuel also lost parlay share worth $110M and $30M in Revenue and EBITDA, which was the major variance vs. the firm’s pre-print forecasts, and to start Q4, results headwinds have been sharper vs. peers, the analyst tells investors in a research note.