Barclays upgrades Flutter Entertainment to ‘overweight’

Barclays upgraded Flutter Entertainment on Tuesday to ‘overweight’ from ‘equalweight’ and lifted the price target to 200p from 153p, citing multi-year earnings growth.

"Flutter offers an attractive +33% 2024-26E earnings per share compound annual growth rate as the US becomes increasingly profitable," the bank said.

Barclays said the US market share has proven resilient despite new entrants.

"Following a scenario analysis, we raise US 2024/25E EBITDA circa £70m/£160m, driving group EPS +5%/+13%."

It said the new price target implies 20% upside.

At 0910 GMT, the shares were up 1.2% at 16,890p.