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CNBC

Rothschild & Co cuts Flutter target to $119, says FanDuel turnaround is taking longer than expected

AI Market Summary
Rothschild & Co downgraded Flutter to neutral and cut its target price after FanDuel's turnaround timeline extended and management reduced 2026 EBITDA guidance for a fourth consecutive time, including a 22% midpoint cut. The repeated guidance resets and heavy reinvestment raise near-term execution risk and lengthen the path to margin recovery, reinforcing negative equity sentiment toward the name after a steep 2026 drawdown.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT-0.71%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▼ Bearish
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Rothschild & Co said it is losing patience with the pace of the turnaround at Flutter’s FanDuel and cut its price target to $119 from $169. The firm said FanDuel has reduced guidance four straight times, most recently lowering its 2026 EBITDA midpoint forecast by 22%. It described 2026 as another “transitional year” and said the turnaround is likely to take longer than anticipated. Flutter shares are down 58% in 2026.
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