Citigroup Upgraded Flutter Entertainment Stock to Buy

Citigroup analysts believe the recent selloff of Flutter Entertainment shares is overblown, setting a $91 price target.

Updated on Oct. 8, 2026 in Stock Picks

Bold flat-color editorial illustration of a heavy stone wedge angled sharply upward on a pedestal, representing financial market recovery. — Citigroup upgraded Flutter Entertainment to buy, with analysts noting that the stock's 64% year-to-date decline is overblown relative to its underlying value. AI Illustration. Upload story photo >

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Citigroup has upgraded Flutter Entertainment stock from neutral to buy after shares fell to a six-year low. Analysts indicate that the recent market decline, which saw the stock drop 64% year-to-date, does not reflect the underlying value of the company.

Why it matters

The upgrade suggests that the recent sharp selloff was excessive, potentially creating a buying opportunity for investors. Analysts believe a short squeeze could help the stock price recover from its recent multi-year lows.

Flutter Entertainment shares trade at $75.87, representing a 64% decline year-to-date, with 13.83 million shares currently sold short. Short interest has increased by 32% over the last two reporting periods, while the company holds a 99 out of 100 on the Schaeffer's Volatility Scorecard.

The players

Citigroup

Citigroup is a global financial services institution that provides investment research, banking, and wealth management services.

Flutter Entertainment

Flutter Entertainment is a global sports betting and gaming company that owns multiple prominent betting brands.

The details

The 14-day Relative Strength Index for the stock is currently 20.3, signaling that the asset has been significantly oversold. With short interest now at 9.8% of the total float, it would take traders nearly five days of average volume to cover their bearish positions.

March 2019 marked the previous lowest share price level.
October 2, 2026 was when shares hit a six-year low of $73.50.
October 7, 2026 was the date Citigroup upgraded the stock.

Market Dynamics

The upgrade reflects a broader trend among institutional investors seeking to capitalize on oversold conditions during periods of high volatility. This move mirrors historical cycles where analysts look for short-term rebounds in stocks that have been heavily pressured by short-selling strategies.

Retail investors may view this upgrade as an indicator of a potential price floor, though high short interest suggests the stock may remain volatile. Those monitoring their portfolios should account for the increased risk associated with stocks currently experiencing high levels of bearish sentiment.

The takeaway

Investors should monitor the 14-day Relative Strength Index as a gauge for when a stock has become technically oversold. When an asset is heavily shorted, a favorable analyst rating can occasionally trigger a price rally as short sellers scramble to cover their positions.