Benchmark lowers Flutter price target, sees ‘highly attractive entry point’

Benchmark analyst Mike Hickey lowered the firm’s price target on Flutter Entertainment (FLUT) to $310 from $365 and keeps a Buy rating on the shares. After having retraced sharply, shares are now trading over 20% below their 52-week high and down roughly 12% on investor concerns about prediction-market volatility and a soft start to the NFL season, notes the analyst, who views this pullback as one that presents “a highly attractive entry point in what remains the global leader in digital gaming.” The firm, which continues to view Flutter as “best in class,” argues that the long-term secular growth story “has not changed. If anything, it has strengthened.”