Morgan Stanley initiated coverage of Flutter Entertainment U.S. shares with an Overweight rating and $247 price target. Flutter has a “compelling” global long-term growth story and it is the scale leader in online gambling, three-times larger than its nearest peers by revenue, the analyst tells investors in a research note. The firm says the company has established leading positions in the U.S., UK and other global markets. It believes the “steep inflection” of U.S. profitability is transforming the financial profile of the business while the U.S. primary listing is increasing liquidity, and index inclusion should provide technical tailwinds. Flutter is Morgan Stanley’s top pick in gambling.
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