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Berenberg trims Flutter target price on gaming sector review
(Sharecast News) - Analysts at Berenberg lowered their target price on bookmaker Flutter Entertainment from 24,700p to 24,200p on Thursday as they took a fresh look at the gaming sector. Berenberg said Flutter continues to lead in the US market, pointing to its "strong progress" in iGaming, where it continues to outgrow peers, supplemented by its "market-leading sports-betting business", which continues to go from "strength to strength".
Despite this, the German bank cut its estimates due to adverse sports results, partly offset by stronger iGaming, in the US and in the ex-US business, to reflect the closure of operations in India.
"We view the sell-off in the shares (17% over the past 10 days) due to the threat of disruption from prediction markets as overdone and sit with 30% upside to our new £242 price target," said Berenberg.
The German bank, which reiterated its 'buy' rating on the stock, added that Flutter trades on a 26.1x multiple to its FY26 earnings per share estimates.
Reporting by Iain Gilbert at Sharecast.com
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