Flutter Entertainment (NASDAQ: FLUT) received a significant vote of confidence from Citi analyst Monique Pollard, who upgraded the stock from Neutral to Buy.
The upgrade is notable given that Pollard had previously double-downgraded Flutter to Sell back in April before moving to Neutral in August.
Shares jumped 3.1% in pre-market trading following the upgrade announcement, which was carried in research by StreetInsider.
Pollard had previously observed that consensus expectations required a substantial reset, which materialized after management lowered its mid-term projections.
With estimate cuts and international headwinds already weighing on the valuation, the upgrade reflects a view that downside risks are largely priced in alongside steady U.S. market share for FanDuel.
The stock had been under severe selling pressure, falling over 65% year to date to a 52-week low of $73.50, exacerbated by the recent halt of its Brazilian operations.
After the initial pre-market pop, shares cooled to $76.44, representing a gain of just 0.2% from the previous close.
At that price, Flutter trades 69.7% below its 52-week high of $252.34 reached in October 2025, underscoring the depth of the stock’s decline.
Flutter’s shares have been highly volatile over the past year, recording 23 separate moves greater than 5%, making today’s action notable but not entirely unusual for the stock.
The single largest move over the past year came seven months ago, when the stock dropped 14.6% after the company reported disappointing fourth-quarter 2025 results that missed Wall Street expectations on several key metrics.
In that quarter, Flutter reported revenue of $4.74 billion, which grew 24.9% year-over-year but still fell short of analyst estimates.
Profitability was a deeper concern, as the company posted a GAAP loss of $0.05 per share, a sharp reversal from a profit of $0.45 in the same quarter the prior year.
The company’s operating margin declined to 5.4% from 7.4% a year ago, while its free cash flow margin fell sharply to 2.9% from 12.1%.
Adjusted EBITDA also missed expectations, reinforcing the picture of a company struggling to convert strong top-line growth into meaningful bottom-line results.
Investors who purchased $1,000 worth of Flutter Entertainment shares five years ago would now be looking at a value of just $374.57, reflecting the scale of the stock’s long-term underperformance.
