Flutter Entertainment (FLUT) PT Raised to $275 at MoffettNathanson

MoffettNathanson analyst Robert Fishman raised the price target on Flutter Entertainment (NYSE: FLUT) to $275.00 (from $245.00) while maintaining a Buy rating.

The analyst comments "We reiterate our Buy rating for Flutter (FLUT) and raise our price target by +$30 to $275. We derive our price target using an unchanged 12.0x EV/EBITDA multiple on 2030E Flutter U.S. GAAP EBITDA (in line with our DKNG valuation), discounted back to 2025. Yet, we raise our 2025E EV/EBITDA multiple for Flutter Ex-U.S. from 5.0x to 7.0x to reflect increased confidence in the business’ growth prospects, which arguably can be viewed as still conservative. All in, this equates to $55 billion in enterprise value and $49.5 billion in equity value (see Exhibit 1). Note that we have not yet updated our model to reflect our learnings from yesterday’s Investor Day."

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