Flutter Entertainment PLC has received an upgrade from JP Morgan which is taking a more positive stance on the Betfair and Paddy Power owner than previously on its prospects in the US.

FanDuel is Flutter’s big brand in the US and JP Morgan has raised forecasts for revenue and profit growth at the business into double-digits from 2026 onwards.

Driving this, says the broker, is an increase in the total addressable market as more US states legalise sports gaming.

Over time, FanDuel should also gain market share including in the underappreciated iGaming segment while margins should improve as scale increases.

‘Overweight’ is JP Morgan’s investment stance against ‘neutral’ previously, while the price target is now 21,300p offering a potential 25% upside.