Citi Upgrades Flutter to Buy, Sees Q3 EBITDA 13% Above Consensus
FLUT is trading near its 52-week low of $73.5 (6.9% above the low).
Summary
Citi upgraded Flutter to Buy from Neutral, calling the recent selloff overblown, and lowered its price target to $91 from $93. The analyst expects Q3 EBITDA of $54 million, 13% above the $8 million consensus, driven by strong U.S. performance. Shares rose 3% to $78.55 in premarket trading after falling nearly 64% this year. This follows the Brazil ban news from Sept. 28 that cut revenue by $70 million and EBITDA by $20 million. Q3 earnings are due Nov. 4.
At the time of this announcement, FLUT was trading at $78.55 on NYSE in the Trade & Services sector, with a market capitalization of approximately $13.2B. The 52-week trading range was $73.50 to $256.50. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.