06:24 AM EDT, 05/15/2026 (MT Newswires) -- Berenberg maintained its investment case for Flutter Entertainment (FLTR.L), saying the sports betting and gambling company's "conservative"implied guidance for the second quarter seems "beatable".

The research firm said Thursday that the company's guidance points to a 7% drop in revenue for its US operations, while the international segment is expected to see a 5% revenue gain alongside a 24% slump in EBITDA.

"We think that the US guidance is reasonable, but it implies: 1) a limited improvement in FanDuel's sports-betting business; and 2) a limited tailwind from the FIFA World Cup. We sit in line with this guidance. For the International segment, however, we think that the guidance is very conservative, and we are 9% ahead of guidance on both revenue and EBITDA. If Flutter beats its Q2 guidance, the stock could rerate. Furthermore, our FY26 estimates are 2.2% ahead of the company's guidance. This is largely driven by our more bullish forecasts for the International division,"the note said.

Within this context, analysts raised their sales and EPS forecasts for full-year 2026 to 2028, while reducing their EBITDA projections for 2026 and 2027 and marginally lifting their 2028 EBITDA estimate.

The stock is still rated at buy, with an unchanged price target of 129 pounds sterling.