Flutter Entertainment PLC: Jefferies cuts target price to $180 from $210

Jefferies analyst James Wheatcroft has lowered the firm’s price target for Flutter Entertainment PLC (NYSE:FLUT) to $180 from $210, while maintaining a “Buy” rating. The adjustment comes amid ongoing discussions surrounding the company’s increased promotional activity in the U.S. market during the second quarter, which the firm views as a temporary measure aimed at re-engaging lapsed players. Jefferies noted that these incremental costs are partially offset by cost savings and market-making strategies.

The broader analyst community remains cautiously optimistic about Flutter, with a consensus “Buy” rating from 36 covering analysts, including 26 “Buys,” 8 “Holds,” and 2 “Sells”. The average 12-month price target has been slightly reduced to $139.77 from $140.71, based on estimates from 32 analysts. At the current stock price of $181, Flutter remains above the revised target set by Citizens, which cut its price target to $188 from $195 while maintaining a “Market Outperform” rating.