Flutter Entertainment,
the owner of the online sports gambling platform FanDuel, got a thumbs-up Tuesday from a Barclays analyst who cited its strength in terms of market share and other factors.
Analyst James Rowland Clark lifted his call on shares of
Flutter
to Overweight from Equal Weight. He raised his target for the stock price to £200 ($254) from £153.
“We see
Flutter
as a high-quality company with leading brands, market power in existing markets with significant scale, strong management, and among the best U.S. online gambling operators,” Clark said in a research note Tuesday.
Shares of Flutter were up 3% to $217.20 in afternoon trading. The stock began trading on the New York Stock Exchange in January; it remains listed on the London Stock Exchange, where it went public in 2019.
Flutter is the owner of FanDuel, which competes with the online sports- gambling app
DraftKings
in an increasingly crowded U.S. market. In addition to those two top platforms, options include
Penn Entertainment’s
ESPN Bet,
MGM Resorts International’s
BetMGM, and
Caesars
Sportsbook.
In addition to FanDuel in the U.S., the company also owns international brands such as Sky Betting & Gaming, Sportsbet, PokerStars, and Paddy Power.
“We have Overweight ratings on the two top operators in U.S. online gambling,” Clark wrote, referring to Flutter and DraftKings. “Both can work, in our view, as DKNG is a pure play on the U.S. market, while Flutter is more a play on global gambling trends.”
DraftKings stock was up 3.7% to $41.83 on Tuesday.
Write to Angela Palumbo at [email protected]
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