Berenberg raises target price on Flutter Entertainment

25th Oct 2024 09:30

(Sharecast News) - Analysts at Berenberg raised their target price on bookmaker Flutter Entertainment from 18,800.0p to 20,300.0p on Friday as it updated its estimates for the group's mid-term targets.

Berenberg said Flutter Entertainment did not make its ascent into being a global leader in sports betting and iGaming without having to pass over some hurdles.

"Early implementation of enhanced due diligence measures in the UK, transformational acquisitions as well as a period of high leverage have all been bear points over the years, but Flutter has passed over them successfully," said Berenberg.

Looking ahead, the German bank reckons Flutter has well-positioned itself to continue to deliver solid growth, maintain its market-leading position and achieve its mid-term growth ambitions.

Berenberg, which has a 'buy' rating on the stock, values Flutter using a sum-of-the-parts model.

Reporting by Iain Gilbert at Sharecast.com