Fanduel May See 'Significant Earnings Power' With Growing Duopoly, Sports Betting Market Size: 'Add It To The Bet Slip', Analyst Says
Portfolio Pulse from Chris Katje
Needham analyst Bernie McTernan initiated coverage on Flutter Entertainment (NYSE:FLUT) with a Buy rating and a $270 price target, citing its strong market share and growth opportunities in the online sports betting market. Flutter, through its ownership of FanDuel, holds a dominant position in the U.S. market alongside DraftKings (NASDAQ:DKNG). The U.S. market is a significant earnings driver for Flutter, contributing to a projected 25% global adjusted EBITDA CAGR over the next three years.
September 23, 2024 | 4:26 pm
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POSITIVE IMPACT
DraftKings, alongside FanDuel, holds a near duopoly in the U.S. online sports betting market. The market's growth potential and DraftKings' significant market share position it as a key player in the industry.
DraftKings' significant market share in the U.S. sports betting market, alongside FanDuel, positions it well for growth. The market's expansion potential supports a positive outlook for DraftKings.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 70
POSITIVE IMPACT
Needham analyst Bernie McTernan initiated coverage on Flutter Entertainment with a Buy rating and a $270 price target, highlighting its strong market share in the U.S. online sports betting market through FanDuel. The U.S. market is a key earnings driver, contributing to a projected 25% global adjusted EBITDA CAGR over the next three years.
The analyst's Buy rating and high price target suggest a positive outlook for Flutter's stock, driven by its strong position in the U.S. sports betting market. The projected earnings growth and market dominance through FanDuel are key factors.
CONFIDENCE 95
IMPORTANCE 85
RELEVANCE 90