Citigroup has reduced its target price for shares of Flutter Entertainment (NYSE:FLUT) from **$340.00** to **$320.00**, according to a research report released on **August 8, 2023**. Despite this adjustment, Citigroup maintains a “buy” rating for the company, suggesting that the stock still holds potential for growth. This revised target price indicates a possible upside of **53.31%** from the stock’s current valuation.
Several other financial analysts have also provided insights into Flutter Entertainment’s performance. Kepler Capital Markets recently upgraded the company to a “strong-buy” rating. Conversely, Needham & Company LLC adjusted their price objective from **$325.00** to **$300.00**, while setting a “buy” rating for Flutter. Wells Fargo & Company initiated coverage of the stock on **November 18**, issuing an “overweight” rating with a target of **$272.00**. Benchmark also revised their target, lowering it from **$365.00** to **$310.00**, while maintaining a “buy” rating.
A comprehensive analysis from MarketBeat shows that Flutter Entertainment currently has a mix of ratings from financial analysts: three have rated it as a Strong Buy, sixteen as a Buy, three as Hold, and two as Sell. The average rating stands at “Moderate Buy,” with a consensus target price of **$311.89**.
Stock Repurchase Plan and Institutional Activity
In addition to the revised target prices, Flutter Entertainment announced a **$245 million** stock repurchase plan on the same day as Citigroup’s report. The plan allows the company to reacquire up to **0.5%** of its shares through open market purchases, a move often interpreted as a sign that management believes the stock is undervalued.
Recent institutional activity also highlights growing interest in Flutter Entertainment. CWM LLC increased its stake by **59.6%** in the first quarter, now owning **217 shares** valued at **$48,000**. Allianz Asset Management GmbH significantly raised its holdings by **213.6%**, acquiring **2,970 shares** worth **$711,000**. Other institutional investors, including Cetera Investment Advisers and TD Asset Management Inc, have also expanded their positions in the company.
Mackenzie Financial Corp reported a **21.4%** increase in its holdings, now owning **10,567 shares** valued at **$2,341,000**. This influx of institutional investment suggests confidence in Flutter Entertainment’s future prospects.
About Flutter Entertainment
Flutter Entertainment plc is a globally recognized sports betting and gaming company, operating across various regions including the United Kingdom, Ireland, Australia, the United States, and Italy. The company is structured into four segments: UK & Ireland, Australia, International, and US. It provides a wide array of services, including sports betting, iGaming, daily fantasy sports, and online racing wagering, along with traditional TV broadcasting products.
As Flutter Entertainment navigates a dynamic market landscape, its financial strategies, including stock repurchase programs and analyst ratings, will be closely monitored by investors and industry observers alike.
