Flutter Entertainment PLC's (LSE:FLTR) recent share price dip is unjustified, according to analysts at investment bank Berenberg.
After hitting a peak of £175 earlier in the year, the price is now £148.40, though the shares are traded in the US primarily as Flutter completed its move from London to the New York stock exchange on Friday.
Berenberg says that softer first-quarter numbers and a tax increase in Illinois might have affected sentiment but Flutter is a well-diversified operator, which should insulate it against this type of regulatory and taxation risk.
At the current share price, Flutter “offers the opportunity to buy into a high-quality, diversified operator, with a solid balance sheet and a long runway for growth”.
Buy with a £186 price target, says the bank.