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(Sharecast News) - Citi opened a 30-day 'positive catalyst watch' on Flutter Entertainment on Wednesday ahead of its third-quarter results on 12 November.
"While US NFL results in September were customer-friendly, we believe this has been well understood by the market, whereas the ability for Flutter to continue to leverage its cost base, and the US bookmaker friendly results in July and August are perhaps not as well captured in forecasts," it said.
"As a result, although we slightly reduce our FY25e revenue/adjusted EBITDA forecasts by -1%/-3%, we are 17% ahead of Visible Alpha consensus for 3Q25e on group adjusted EBITDA (3% annualised) driven by the US and given lower opex expectations (+1% versus Visible Alpha consensus on group revenue)."
The bank maintained its 'buy' rating on the shares.
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