Goldman Sachs reiterated its Buy rating on Flutter Entertainment (LON: FLTR) following the company’s fourth-quarter 2024 results, citing upside potential in its US business and maintaining a 12-month price target of $325.
While the stock is down over 12% this year, and more than 16% in the last month, the investment bank remains positive on the upside potential.
Goldman noted that while Flutter’s fourth-quarter performance showed solid underlying trends, results were impacted by customer-friendly NFL outcomes.
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However, management signalled that 2025 had started well, and the company’s full-year outlook remained in line with Goldman Sachs’ estimates at the mid-point.
Goldman Sachs also highlighted Flutter’s plans for around $1 billion in share buybacks in 2025. They explained that the company is entering a phase where it can balance shareholder returns with M&A activity and continued organic investment.
The firm raised its EBITDA estimates by 1-2.5% for FY25-28E, citing stronger trends in US iGaming, improved international growth, and favourable currency effects.
“We see upside potential on the US business vs. consensus and guidance and remain Buy rated,” the analysts stated.
Flutter, which owns FanDuel, has been expanding its presence in the US sports betting and online gaming markets. The company’s ability to capitalise on growing iGaming demand and its continued focus on international expansion are key drivers of future performance.
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