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Key Points
Shares of Flutter have been going from strength to strength since switching from London to New York in January. 
Recent upgrades suggest that more gains are inbound as the company’s outlook brightens. 
The technical setup is also bullish and should support further gains soon.
5 stocks we like better than Flutter Entertainment
Since listing on the New York Stock Exchange at the end of January, shares of Flutter Entertainment plc NYSE: FLUT have gone from strength to strength. They’ve gained more than 40% since January’s low and are closing in on the all-time high they’d previously traded in 2021.  
Previously listed in London, the sports betting company owns brands such as Paddy Power, FanDuel and Betfair and is clearly doing something right. It has reported consistently higher revenues for the past two years while simultaneously building up a track record of profitability. With its shares starting to show some serious momentum, it has earned its place on any investor’s watchlist. Get Flutter Entertainment alerts:Sign Up
Fresh Bullish Upgrades
JPMorgan upgraded its rating this past week alone. The team there moved Flutter shares up to a full “overweight” from “neutral,” noting its positive outlook on the company’s U.S. opportunity was enough to justify an increase in revenue and earnings estimates. 
This optimism stems from an anticipated expansion in the total addressable market due to ongoing U.S. legalization of sports betting, with market share gains expected, notably in iGaming. Flutter’s market leader and robust moat position should allow it to capture a significant share of an untapped market. JPMorgan specifically singled out Flutter’s FanDuel brand, which accounts for 40% of the group’s revenue, as a key component to its bullish thesis. 
The Office of Lottery and Gaming announced earlier this week that FanDuel will become the lone operator of the entire mobile sports wagering scene in Washington, D.C. The city will take millions in gambling tax revenue while FanDuel and Flutter build their brand as the go-to operators for more cities and jurisdictions nationwide. 
Improved Fundamental Outlook
The bullish upgrade echoed that of the Barclays team, who also upped their rating on Flutter shares to “overweight” at the end of February, citing “multi-year earnings growth potential.” Even with the recent gains, they still considered the stock to be attractively valued, especially when you factor in the U.S. market’s growth potential. 
Like JPMorgan’s position, they see the ongoing legalization of sports betting as a major tailwind that should be present for the foreseeable future, with Flutter’s upcoming earnings likely to come in better than analysts’ forecast. 
Investors considering a position should take confidence from the strong fundamental outlook and the stock’s increasingly technical solid position. Flutter shares are less than a 10% move from hitting their previous all-time high, and based on recent performance, they’re looking increasingly likely to at least test it in the coming weeks. 
Strengthening Technical Position
There’s nothing like a fresh all-time high to power a stock on even higher, and with many equities already having hit that milestone in recent weeks, Flutter’s benefiting from a strong risk-on sentiment in the marketplace. Look for the company’s shares to continue setting higher highs and lows, a uniquely bullish technical pattern, as it heads towards $230. 
The JPMorgan team gave Flutter a fresh price target of $272 this week, which points to a targeted upside of at least 20% from where shares closed on Thursday. If Flutter shares hit this in the coming weeks, they would have crushed 2021’s high around $240 and put themselves firmly in blue-sky territory. MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Flutter Entertainment wasn’t on the list.While Flutter Entertainment currently has a “Moderate Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.View The Five Stocks Here Wondering where to start (or end) with AI stocks? These 10 simple stocks can help investors build long-term wealth as artificial intelligence continues to grow into the future.Get This Free Report

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