Goldman Sachs stock initiated coverage on FLUT with a "buy" rating

Casino stock Flutter Entertainment PLC (NYSE:FLUT) is trading at new record highs after Goldman Sachs initiated coverage with a "buy" rating. The firm also set a price target of $320, which is a hefty premium to current levels.

At last look, FLUT was up 2.7% at $273.97, and earlier hit an all-time peak of $275.63. On the charts, the $260 level moved in as support following the stock's Nov. 13 post-earnings bull gap. Since the start of the year, the equity is up 52.1%.

Goldman Sachs is joining an already bullish brokerage bunch, as 18 of the 19 in coverage carry a "buy" or better rating, and one a hesitant "hold." Plus, the 12-month consensus price target of $287.72 represents a 5.5% upside.

The shares could be due for a short-term dip here soon, per their 14-day relative strength index (RSI) of 80.8. This means FLUT is in "overbought" condition.