Flutter Entertainment Stock Target Cut But JPMorgan Remains Bullish

JPMorgan lowered its price target on Flutter Entertainment (LON: FLTR) from 27,000p to 26,800p but maintained an Overweight rating on the stock.

Analyst Estelle Weingrod described Flutter’s 2025 guidance as “somewhat reassuring” in a note to clients. Weingrod added that weaker-than-expected results in the U.S. were “broadly offset” by contributions from its newly acquired businesses, including Italy's Snai and Brazil’s NSX. 

JPMorgan continues to view Flutter as the most appealing stock within its gaming coverage.

The update follows Flutter’s announcement of the completed acquisition of a 56% stake in NSX Group, the operator of Brazil’s fast-growing Betnacional brand. 

The $350 million transaction is said to align with Flutter’s international expansion strategy. The firm also feels it will strengthen its position in the newly regulated Brazilian market.

“The transaction demonstrates Flutter’s powerful optionality as an ‘and’ business and aligns perfectly with our strategy for value-creating M&A,” said CEO Peter Jackson. 

He added that the deal combines “NSX’s extensive local expertise” with Flutter’s proprietary pricing, risk management, and iGaming capabilities.

Flutter expects the acquisition to contribute $220 million in additional revenue in 2025. However, it also expects an adjusted EBITDA loss of $70 million, reported within the International segment.

Analyst sentiment remains broadly positive on Flutter. According to TradingView, 29 of 32 analysts rate Flutter at Buy. The analyst consensus price target is 23,520p a share.