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Flutter gets price target upgrade after fourth quarter impresses Deutsche Bank

Published 19/01/2024, 14:19
Flutter gets price target upgrade after fourth quarter impresses Deutsche Bank
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Proactive Investors - Flutter has been upgraded by analysts at Deutsche Bank (ETR:DBKGn) even after what they describe as a mixed fourth-quarter performance.

Sports results in the US were weak but outside of the states the group was ahead of expectations largely down to the UK where it owns Paddy Power and Betfair.

Underlying momentum in the US was also impressive, said the bank with market share gains driven by a 33% uplift in monthly active players.

Deutsche has lowered its full-year 2023 EBITDA forecast by 2% from £1.580bn to £1.544bn, driven primarily by a £51m hit from the US sports numbers.

The share price target goes up to 16,182p from 15,172p with the rating remaining buy.

Read more on Proactive Investors UK

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