Flutter Entertainment (FLUT) PT Lowered to $339 at Stifel: Faces Execution Risk

Stifel analyst Jeff Stantial lowered the price target on Flutter Entertainment (NYSE: FLUT) to $339.00 (from $356.00) while maintaining a Buy rating.

The analyst commented, "We rate FLUT Buy. We forecast a compelling multi-year FCF growth algorithm (~56% CAGR 2024-27E) underpinned by secular TAM expansion and FLUT’s unique product/scale flywheel. FY25E Consensus appears reasonable, though we see upside to FY26/27E supported by TAM momentum, regulation-driven consolidation, bottoming headwinds, and top-line synergies. FLUT’s leading positions are not definitively unassailable and rapid M&A and diversification adds execution risk, though scale advantages in OSB/iCasino are powerful — especially as the industry transitions to a more recreational, inelastic user base. Despite T3Y outperformance, valuation remains attractive vs. historical and internet comps with the catalyst path skewed more positive (Consensus upgrades; S&P500 inclusion; state expansion) than negative (tax hikes/regulation), in our view."

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