Entain has received a downgrade from analysts at Barclays, which says that to justify the current share price online needs to be doing better.
The Ladbrokes, Coral and BetMGM partner needs online to return to market growth rates or better and US share to stabilise (and grow), says the broker. Neither is a given, it adds.
Meanwhile, there is little free cash flow and high leverage restricts M&A.
A new CEO could address the balance sheet and the shares appear cheap but the risk-reward is fairly balanced hence the downgrade to equal weight.
Barclays' price target is £10.70.