Flutter Entertainment upgraded to Buy from Neutral at Redburn Atlantic

Redburn Atlantic analyst Andrew Tam upgraded Flutter Entertainment (PDYPY) to Buy from Neutral with a EUR 16,300 price target. The firm argues there are “some idiosyncratic factors at play” in the guidance cuts from Entain (GMVHF) and 888 Holdings (EIHDF), including share losses and timing differences in U.K. regulatory change implementations, and contends that Flutter “should be more insulated.” With the share price 21% below its May peaks, the firm sees “value reemerging,” the analyst tells investors.