Barclays upgrades Flutter and highlights Sky Bet as leading UK brand
Flutter Entertainment has been upgraded to overweight by multinational investment bank and financial services company Barclays, which identified the operator’s Sky Bet division as the leading UK betting brand with a 26% market share.
In addition, the bank said that its industry survey showed that Flutter’s Paddy Power brand was rated the third most preferred online betting brand in the UK. As such, a Tuesday note saw the bank’s analysts increase its target price for Flutter to 13,000p, up 2,500p from 10,500p.
Barclays added: “We consider online strength to be a key driver of medium-term online staking growth from new and existing customers, particularly in a [coronavirus] world and our survey indicates that Flutter brands are best-placed to benefit.”
Last month, Flutter saw its H1 revenue rise 49% year-on-year, up to £1.52bn ($1.98bn). The operator attributed the rise to enhanced diversification following its merger with The Stars Group, which was completed in May.
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