Needham has reiterated its Buy rating on Flutter Entertainment plc (NYSE: FLUT), though the firm trimmed its price target to $135 from $150.
The research firm also cut its adjusted EBITDA estimates for Flutter Entertainment by 7%, citing limited visibility into the company’s ongoing turnaround.
The price target reduction reflects deteriorating trends in the US market, which have weighed on investor sentiment toward the stock in recent months.
Flutter Entertainment has also lowered its own adjusted EBITDA guidance following a change in CEO, adding another layer of uncertainty for analysts and investors alike.
Questions continue to mount among investors about how long it will take Flutter Entertainment to turn around the prospects of its flagship US brand, FanDuel.
The company’s messaging has increasingly shifted toward what it describes as an improved generosity strategy, a focus that has shaped how analysts are evaluating its near-term outlook.
Despite the downward revisions, Needham remains bullish on the stock, pointing to the management team’s impressive track record in generating shareholder value as a key reason for confidence.
Flutter Entertainment is a global sports betting, iGaming, and entertainment company that operates both online and retail platforms across multiple product categories.
Its platform spans sports betting, casino games, poker, and daily fantasy sports, serving customers across numerous international markets.
The company is the parent organization behind some of the most recognised brands in the industry, including FanDuel, PokerStars, Betfair, Paddy Power, and Sky Betting and Gaming.
Flutter’s diversified portfolio of brands gives it significant scale across both regulated and emerging markets, which analysts often cite as a long-term competitive advantage.
The combination of a broad brand portfolio and international reach continues to underpin the bull case for FLUT, even as short-term headwinds persist in the US market.
