Citigroup has revised its target price for shares of Flutter Entertainment (NYSE: FLUT), reducing it from $340.00 to $320.00 in a report issued to clients on November 10, 2023. Despite this downward adjustment, Citigroup maintains a “buy” rating on the stock, suggesting a potential upside of approximately 53.31% from its current trading price.
In addition to Citigroup’s assessment, other analysts have also shared their perspectives on Flutter Entertainment. On August 28, 2023, Kepler Capital Markets elevated the company to a “strong buy” rating. Conversely, Needham & Company LLC lowered its price target from $325.00 to $300.00 while keeping a “buy” rating on November 13, 2023. Wells Fargo & Company initiated coverage of Flutter on November 18, 2023 with an “overweight” rating and set a price target of $272.00. Benchmark also adjusted its price forecast down from $365.00 to $310.00, maintaining a “buy” rating in a report dated October 15, 2023. Finally, Truist Financial revised its target from $335.00 to $305.00, continuing to endorse a “buy” rating on November 13, 2023.
The general sentiment among analysts is cautiously optimistic regarding Flutter’s stock. According to MarketBeat, the current average rating stands at “Moderate Buy,” with an average target price of $311.89. Analysts’ opinions vary, with three rating the stock as a “Strong Buy,” sixteen as a “Buy,” three as a “Hold,” and two as a “Sell.”
Recent Developments and Stock Buyback Initiative
Flutter Entertainment has also announced a stock repurchase plan, which allows the company to buy back $245 million worth of shares. This initiative was revealed on August 8, 2023, indicating management’s belief that the stock may currently be undervalued. The repurchase authorization enables the company to reacquire up to 0.5% of its shares through open market purchases.
Institutional Investment Trends
Recent activity among institutional investors reflects growing interest in Flutter Entertainment. CWM LLC increased its holdings by 59.6% during the first quarter, now owning 217 shares valued at $48,000. Similarly, Allianz Asset Management GmbH boosted its stake by 213.6%, acquiring 2,970 shares worth $711,000 after purchasing an additional 2,023 shares.
Other institutional investors have also expanded their positions. Cetera Investment Advisers grew its investments by 4.2%, now holding 11,765 shares valued at $2.6 million. TD Asset Management Inc raised its holdings by 4.1%, bringing its total to 31,938 shares worth around $7.1 million. Furthermore, Mackenzie Financial Corp increased its holdings by 21.4%, now owning 10,567 shares valued at $2.34 million.
Flutter Entertainment, based in the United Kingdom, operates as a global sports betting and gaming company, servicing markets in the UK, Ireland, Australia, the United States, Italy, and other international locations. The company’s operations span various segments, including sports betting, iGaming, daily fantasy sports, and online racing wagering.
