Investors should snatch up shares of Flutter Entertainment following a recent sell-off, according to Wells Fargo.
Analyst Daniel Politzer upgraded shares of the online sports betting company to overweight from equal weight. The change comes after the stock sold off 8.8% on Friday following reports that the U.K. is weighing higher taxes on the gambling industry. "Friday's sell-off reflects a near-worst case UK tax scenario," he wrote.
mountain Shares this year "We believe Flutter's recent U.S. listing along with the company's orientation away from European gambling and into U.S. consumer Internet should lead to a reappraisal of valuation," he wrote. "Despite similar-to-better business and financial characteristics, Flutter trades at a 35% discount to its "new peers", highlighting strong re-rating potential.
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