Flutter seemed pretty happy with its full-year results, but the market wasn’t so sure.
Shares dipped 6% in early trading though rallied a little later as analysts worked through the Paddy Power and Betfair owner’s numbers.
UBS said the results were a mixed bag with some unexpected weakness in Australia but it highlighted the continued strong US momentum at FanDuel.
Trading in the first eight weeks of 2023 is in line with expectations, noted UBS, with FanDuel seeing good growth across existing states in the US and on track to be underlying profitable this year.
UBS has a price target of 14,000p and a 'buy' rating.
Peel Hunt added that the plan for a US listing makes increasing sense given the strong growth of FanDuel, which combined with the solid underlying momentum should be a positive for the share price.
'Buy' with a target of 16,000p is the Peel Hunt view.
Shares were down 4% at 12,940p.