On Monday, JPMorgan maintained its positive stance on Flutter Entertainment Plc (FLTR:LN) (OTC: PDYPY), reiterating an Overweight rating and a price target of £213.00. The firm's analysis follows Flutter's financial results for the fiscal year 2023 and is aligned with the company's guidance.
Flutter Entertainment, known for its prominence in the online betting and gaming industry, is on track to transition to a US primary listing by May 31, following a shareholder vote scheduled for May 1. The company's move to a primary listing in the US from its current secondary status is anticipated to have several implications, which JPMorgan has explored in its recent updates.
The analyst's comments suggest that JPMorgan's valuation model for Flutter has been updated to reflect US GAAP (Generally Accepted Accounting Principles) after the company's latest full-year results. Despite these changes, the price target for December 2025 remains unchanged at 21,300p.
JPMorgan's revised estimates for Flutter Entertainment fall within the range of the company's own expectations. This reiteration of the Overweight rating and price target indicates a continued confidence in the company's performance and strategic initiatives.
Investors are keeping a close eye on Flutter's upcoming transition to a US primary listing, which represents a significant step in the company's growth strategy. The move is expected to enhance the company's visibility and accessibility to a broader investor base.
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