Flutter Entertainment (NASDAQ: FLUT) shares climbed 4.4% in afternoon trading after a pair of analyst moves drew fresh attention to the global online betting giant.
Citi analyst Monique Pollard upgraded Flutter from a Neutral rating to a Buy rating, signaling a notable shift in sentiment toward the company.
The upgrade marks a significant reversal for Pollard, who had double-downgraded Flutter to Sell back in April before stepping back to Neutral in August.
Pollard had previously observed that consensus expectations required a substantial reset, which materialized after management lowered its mid-term projections.
Separately, Susquehanna analyst Joseph Stauff cut his price target on Flutter to $100 from $115 while maintaining a Positive rating on the stock.
Stauff said third-quarter profit is likely to be lower and that the weaker result is already discounted in the current share price.
He noted the stock is most sensitive to FanDuel’s recovery in online sports betting, where he sees progress taking shape.
Stauff pointed to heavier competition, including from prediction markets, higher taxes in states such as Illinois, Ohio, Maryland, New Jersey, and Louisiana, and fewer new state launches than in prior years.
He added that a strong showing on operating metrics would support the view that FanDuel’s sportsbook has stabilized.
After the initial pop, shares cooled slightly to $79.10, still representing a gain of 4.3% from the previous close.
Severe selling pressure had pushed Flutter down over 65% year to date to a 52-week low of $73.50, exacerbated by the recent halt of its Brazilian operations.
With international headwinds and estimate cuts already weighing on the stock’s multiple, the upgrade reflects a broader view that downside risks are largely priced in.
Flutter’s shares have been notably volatile, recording 23 moves greater than 5% over the past year, underscoring the stock’s sensitivity to news and analyst commentary.
Today’s move suggests the market views these analyst actions as meaningful, though not necessarily the kind of development that would fundamentally reshape the investment thesis.
The combined signals from both Citi and Susquehanna point to growing confidence that the worst of Flutter’s near-term headwinds may already be reflected in its battered valuation.
