Oppenheimer analyst Jed Kelly initiated coverage of Flutter Entertainment (FLUT) with an Outperform rating and $240 price target. The firm expects FanDuel to maintain leading U.S. market share and believes Flutter’s higher unit economics make it best-positioned to absorb more U.S. states potentially increasing online gaming taxes. The firm adds that it sees any further tax hikes accelerating FanDuel and DraftKings’ (DKNG) “emerging duopoly” and eventually equating to higher advertising leverage.
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