UBS analyst Ben Shelley raised the price target on Flutter Entertainment (NYSE: FLUT) to $360.00 (from $340.00) while maintaining a Buy rating.

The analyst comments "FLUT reported $4.19bn revenues, +16% YoY and +1% vs Visible Alpha consensus, and $919m EBITDA, +25% YoY and +14% vs consensus. The beat was mainly driven by the US, where revenues of $1.79bn came in +4% vs cons and EBITDA of $400m were +35% ahead. US outperformance was aided by favourable sports outcomes and "marketing phasing" but FLUT noted on the call underlying performance exceeded their expectations also. The group ex-US was solid with revenues in line with cons and EBITDA +2% ahead."