Berenberg raises target price on Flutter following 'exceptional' Q2 results

Analysts at Berenberg raised their target price on bookmaker Flutter from 18,600.0p to 18,800.0p on Tuesday following the group's "exceptional" second-quarter results.

Berenberg said Flutter delivered a "somewhat flawless" Q2 performance, with underlying momentum remaining solid across the business and upgrades to both the US and ex-US business.

The German bank also noted that as it looks ahead, Flutter's "scale, quality and clear outperformance of the market" should all continue to work in it favour, leading it retain its 'buy' rating on the stock.

"We value Flutter using a sum-of-the-parts model which yields a value per share of 18,800.0p. On a headline price-to-earnings basis, Flutter trades on 34.6 times for a solid 37.8% earnings per share compound annual growth rate," said Berenberg.

Reporting by Iain Gilbert at Sharecast.com