UBS raised the firm’s price target on Flutter Entertainment (FLUT) to $360 from $340 and keeps a Buy rating on the shares. Flutter’s Q2 outperformed expectations, with revenue and EBITDA beating estimates driven by the U.S., which was aided by favorable sports outcomes and “marketing phasing,” the analyst tells investors in a research note. Flutter’s Q2 adds further evidence that the U.S. remains in an underlying upgrade cycle vs. consensus and company expectations, the key driver of the shares, UBS says.
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