Flutter Entertainment price target lowered to $315 from $320 at Stifel

Stifel lowered the firm’s price target on Flutter Entertainment (FLUT) to $315 from $320 and keeps a Buy rating on the shares. Following another stretch of unfavorable game outcomes in March, the firm forecasts Q1 adjusted EBITDA misses for its U.S. online sports betting and iCasino pure-play operator coverage, the analyst tells investors in a preview. The firm still recommends owning DraftKings (DKNG) and Flutter into their Q1 prints, though trimming exposure temporarily thereafter given unfavorable seasonality and what it sees as a “negatively-biased legislative catalyst path,” the analyst added.