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Citi downgrades Flutter, opens 'negative catalyst watch' on the shares
(Sharecast News) - Citi downgraded Flutter Entertainment on Thursday to 'sell' from 'buy', slashed its price target and opened a 'negative catalyst watch' on the shares, as it removed them from its European Focus List. The bank slashed its price target to £68 from £185. It said its revised valuation is based on FY27 estimated EBITDA multiples.
Citi said it no longer value the US on estimated FY28 given reduced conviction in 2026/27 US growth forecasts.
Following BetMGM's first-quarter update earlier in the week, Citi said its updated $763m FY26 estimated US adjusted EBTDA forecast is below management's $850m to $1.25bn range.
"We also note that FanDuel Predicts is ascribed minimal value under our updated methodology due to its nascency in FY27e (versus more material EBITDA profitability in FY28e) reflecting regulatory uncertainty," it said.
"Our lower US forecasts lead us to push out buyback forecasts to maintain medium-term leverage targets."
At 1447 BST, the shares were down 1.3% at 8,090p.
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