HSBC Sees Buying Opportunity in Flutter (FLUT) After Dip, Upgrades to Buy Despite Maturing US Market

Group 1: Company Performance - Flutter Entertainment reported Q3 2025 earnings of $1.64 per share, exceeding Wall Street estimates by $1.14 [2] - The company generated revenue of $3.79 billion, which is $12.75 million above guidance and represents a year-over-year growth of 16.84% [2] - US revenue increased by 9% year-over-year, driven by a 44% growth in iGaming, despite a 5% decline in sportsbook revenue [3] Group 2: Market Position and Analyst Insights - HSBC upgraded Flutter Entertainment to Buy from Hold, citing a buying opportunity after a recent price decline, with a new price target of $228 [1] - The firm believes that the perceived risks in the US and UK gaming markets are overstated and already reflected in the current share price [1] - Flutter maintains its position as the number one online operator in both the US sportsbook and iGaming markets, achieving a 47% NGR market share in September [3]