Benchmark says Flutter pullback on ‘overblown’ UK tax fears a buying opportunity

After news emerged on Friday out of the United Kingdom, where Flutter’s stock fell nearly 9% amid speculation of increased taxes on online gaming, Benchmark said the firm views this decline as “an ideal opportunity to capitalize on the pullback” given its expectations for “a far less severe outcome” than feared. After having met with CEO Peter Jackson and IR Director Paul Tymms at G2E, the firm was “very impressed with the U.S. and broader North American secular expansion opportunities” and felt confident that the company will “continue to lead in product innovation for years to come,” added the analsyt, who reiterates a Buy rating and our $265 price target on Flutter shares.