Berenberg raises target price on Flutter Entertainment

Analysts at Berenberg raised their target price on bookmaker Flutter Entertainment from 18,800.0p to 20,300.0p on Friday as it updated its estimates for the group's mid-term targets.

Berenberg said Flutter Entertainment did not make its ascent into being a global leader in sports betting and iGaming without having to pass over some hurdles.

"Early implementation of enhanced due diligence measures in the UK, transformational acquisitions as well as a period of high leverage have all been bear points over the years, but Flutter has passed over them successfully," said Berenberg.

Looking ahead, the German bank reckons Flutter has well-positioned itself to continue to deliver solid growth, maintain its market-leading position and achieve its mid-term growth ambitions.

Berenberg, which has a 'buy' rating on the stock, values Flutter using a sum-of-the-parts model.

Reporting by Iain Gilbert at Sharecast.com