JMP Securities analyst Jordan Bender raised the firm’s price target on Flutter Entertainment to $287 from $255 and keeps an Outperform rating on the shares.

Gaming has been a mixed bag year-to-date, with large-cap gaming and regional gaming flat and down 9%, respectively, while online gaming continues to have a more favorable backdrop, the analyst tells investors in a research note.

Feedback from shareholders following Flutter’s investor day has been positive, and the firm believes the company could execute on $5.4B of M&A through 2027 worth $630M of incremental EBITDA, resulting in $280M of free cash flow in addition to its $2.5B guidance.