As previously reported, BofA analyst Shaun Kelley downgraded Flutter Entertainment (FLUT) to Neutral from Buy with a price target of $250, down from $325, citing four reasons. Namely, the firm cites rising concerns over structural hold; potential trade-offs with handle growth; the UK tax review and “perennial” U.S. gaming tax risks; and a prediction market overhang. The combination of concerns about hold, handle, taxes and prediction markets create “a perfect storm,” the analyst tells investors.
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