Barclays upgrades Flutter Entertainment to 'overweight'
By Michele Maatouk
Date: Tuesday 27 Feb 2024
(Sharecast News) - Barclays upgraded Flutter Entertainment on Tuesday to 'overweight' from 'equalweight' and lifted the price target to 200p from 153p, citing multi-year earnings growth.
"Flutter offers an attractive +33% 2024-26E earnings per share compound annual growth rate as the US becomes increasingly profitable," the bank said.
Barclays said the US market share has proven resilient despite new entrants.
"Following a scenario analysis, we raise US 2024/25E EBITDA circa £70m/£160m, driving group EPS +5%/+13%."
It said the new price target implies 20% upside.
At 0910 GMT, the shares were up 1.2% at 16,890p.
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