Flutter Entertainment price target raised to $275 from $245 at MoffettNathanson

MoffettNathanson raised the firm’s price target on Flutter Entertainment to $275 from $245 and keeps a Buy rating on the shares following the investor day. Flutter significantly raised its 2030 total addressable market for U.S. online sports betting and internet gaming by 1.5-times from its last update in 2022, now forecasting $63B, the analyst tells investors in a research note. The firm says the size of the U.S. market today and the speed at which it continues to grow has far exceeded its bullish expectations. MoffettNathanson remains bullish on Flutter “with an even better understanding of the advantages FanDuel has as the market leader in the U.S. and a faster growth profile for its strong cash generating Ex-U.S. assets.”