Texas Capital initiated coverage of Flutter Entertainment (FLUT) with a Buy rating and $294 price target The recent valuation dip can be attributed to a confluence of items, most significantly U.S. prediction market disruption, but the firm believes PMs “ultimately” work to increase the regulated online sports betting total addressable market, benefiting existing regulated operators, the analyst tells investors. Flutter’s diversification hedges potential regulatory and tax changes in any one jurisdiction, while its global scale allows for market leading positions in material emerging international territories, the analyst added.
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