fuboTV (FUBO) PT Lowered to $15 at Needham & Company

Needham & Company analyst Laura Martin lowered the price target on fuboTV (NYSE: FUBO) to $15.00 (from $60.00) while maintaining a Buy rating.

The analyst commented, "We lower our FUBO 12-month PT to $15 from $60. Notably, even though we raised our 2022 rev estimate 3 times during 2021, FUBO shares fell 36%, despite the S&P 500 rising 27%. This mirrors multiple compression in our AdTech and Streaming coverage generally, whereby we raised our 2022 revenue estimates by 20% (on avg) for same-store companies covered since 1/1/21, but their avg share price fell 30% during 2021.

All our price targets are based on 10-year DCFs. Considering the consensus view that the Fed will raise interest rates 4x in 2022 for a total of 100 basis points, we raise our WACC assumptions, which lowers our 12-month price targets. The changes to our DCF cause us to lower our FUBO price target to $15, largely because 85% of FUBO’s total DCF value sits in its estimated terminal value."

You May Also Be Interested In

• Coherent (COHR) PT Raised to $420 at Needham
• LG Electronics India (LGEL:IN) PT Raised to INR1,815 at ICICI Securities
• GMR Airports Infrastructure (GMRI:IN) PT Raised to INR99 at ICICI Securities