Key Takeaways:
- Rating: Citi downgrades Flutter from "buy" to "sell," a two-notch cut.
- Price Target: Target slashed by 57% from £158 to £68 per share.
- Core Reason: Loss of confidence in the profitability of its US FanDuel business.
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Citi downgrades Flutter to sell, cuts price target over 50%
Citi downgraded FTSE 100 gambling group Flutter Entertainment PLC (LSE:FLTR, NYSE:FLUT) to “sell” from “buy” on Tuesday, cutting its price target by more than half on doubts over the growth of its US business.
"We have lost confidence in Flutter's ability to hit its own US profit targets," Citi's analysts said in a note to clients.
The investment bank slashed its price target on the stock to £68 from a previous £158, a 57% reduction. The downgrade reflects growing skepticism about the profit outlook for FanDuel, Flutter's crucial American sports betting and gaming operation.
The move is a significant blow to the company, which has pinned its growth strategy on the high-stakes US market. The downgrade will likely pressure Flutter's stock and could trigger a wider re-evaluation of the online gambling sector's prospects in the United States.
The sharp revision from one of London's major investment banks signals a potentially significant shift in market sentiment for the stock. Investors will be closely watching for any response from the company and for its next scheduled trading update to see if US performance is tracking against previous guidance.
This article is for informational purposes only and does not constitute investment advice.
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