Flutter Entertainment price target lowered to $305 from $335 at Truist

Truist lowered the firm’s price target on Flutter Entertainment (FLUT) to $305 from $335 but keeps a Buy rating on the shares. The company’s Q3 came in better than expected despite adverse sports outcomes, but its Q4 guide was also lowered on outcomes, as expected, the analyst tells investors in a research note. Flutter had to surrender their Nevada gaming license in order to l;aunch sport prediction contracts as part of their CME JV, but the management seems comfortable with the decision on a potentially sizable prediction total addressable market and/or more state online sports betting legalizations, the firm added.