On Wednesday, Benchmark raised the price target for shares of Flutter Entertainment (LON:FLTRF) (NYSE:FLUT) to $255 from $170 while maintaining a Buy rating. This adjustment comes after Flutter Entertainment reported a robust financial performance for the fiscal year 2023 and provided a positive revenue and profitability forecast for the fiscal year 2024.
The company's transition to an American financial model, aligning with US GAAP standards, was a key factor in the revised price target.
"Flutter's strategic market dominance and U.S. financial performance and growth outlook have bolstered our confidence, prompting an increase in the PT to $255 and reiterating our Buy rating," said the analysts.
InvestingPro Insights
In light of Benchmark's new price target for Flutter Entertainment (NYSE:FLUT), investors might also consider recent data and insights from InvestingPro. With a market capitalization of $36.83 billion and a significant revenue growth of 53.25% in the last twelve months as of Q4 2023, Flutter's financial expansion is evident. The company's gross profit margin stands at a healthy 47.4%, showcasing its ability to maintain profitability amidst growth.
From the perspective of InvestingPro Tips, while Flutter's short-term obligations exceed its liquid assets, analysts are optimistic, predicting not only sales growth in the current year but also an expectation of profitability. This aligns with the company's strong return over the last three months, which has seen a price total return of 19.85%.
For those considering an investment, Flutter Entertainment is currently trading at a high EBITDA valuation multiple, reflecting its growth potential and market sentiment. Investors seeking more comprehensive analyses can find additional InvestingPro Tips on InvestingPro to further inform their decisions. Moreover, using the coupon code PRONEWS24 can grant an additional 10% off a yearly or biyearly Pro and Pro+ subscription, with 12 more tips available that could provide deeper investment insights.
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