Flutter Entertainment (FLUT) PT Lowered to $124 at Stifel

Stifel analyst Jeff Stantial lowered the price target on Flutter Entertainment (NYSE: FLUT) to $124.00 (from $125.00) while maintaining a Buy rating.

The analyst comments "FLUT reported a noisy quarter with Q3 adjusted EBITDA missing consensus by -14% and FY26 guidance lowered -6% entirely on sport outcomes & Brazil market shutdown, while commentary on the call incrementally guided to sustained U.S. OSB promo investment & at-minimum similar predictions spend in FY27. Our/Street FY27E moves meaningfully lower again as a result, though we think the buyside was partly braced and, with the bar now conservatively reset for one-time PM/promo spend, we see a cleaner setup heading into Q4 with better-thanexpected U.S. OSB handle re-acceleration & engagement metrics and market share momentum in International supporting our relative multiple re-appreciation thesis and potential upside to re-based estimates. Prediction markets legal/competitive uncertainty remains the key sector overhang, though we still see mispriced probability-weighted risk/reward with improving lineof-sight to a potential CY27/28 SCOTUS review while the Democrat midterms sweep likely amplifies scrutiny moving forward. Maintain Buy. Target price to $124."

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