fuboTV (FUBO) PT Raised to $60 at Needham & Company

Needham & Company analyst Laura Martin raised the price target on fuboTV (OTC: FUBO) to $60.00 (from $30.00) while maintaining a Buy rating.

The analyst comments "

Internet, Entertainment & Consumer

fuboTV Inc. (FUBO)

RATING
BUY

PRICE TARGET
$60.00
from $30.00

PRICE
$49.48

52-WEEK RANGE
$5.00 - $51.64

Raising FUBO's PT on 2021 Upside Drivers

FUBO TV has nearly quintupled since its October 7, 2020 initial listing on the NYSE (vs S&P 500 up 7% over the same period). We believe FUBO will continue to have strong upside momentum into 2021 owing to: a) FUBO is taking share from competitors; b) its Hisense partnership lowers SAC; c) upside from sports betting; d) OTT multiple expansion; e) short covering; and, f) CTV upside. We believe these growth drivers suggest upside to consensus estimates in 2021. In addition, FUBO's inexpensive valuation compared with its OTT comps suggests value multiple expansion in 2021. Finally, we strongly disagree with a key near-term Bear thesis for FUBO relating to the impact of shares entering FUBO's float when the lock-up ends on 1/1/21."

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