fuboTV (FUBO) PT Lowered to $2 at Needham

Needham analyst Laura Martin lowered the price target on fuboTV (NYSE: FUBO) to $2.00 (from $3.00) while maintaining a Buy rating.

The analyst comments "We retain our FY24 estimates, but lower our FY25 estimates for FUBO owing to: a) the 4Q24 expected launch of a new sports-focused vMVPD (which is what FUBO is) skinny bundle partnership between ESPN, FOX Sports and WBD/Turner Sports; b) higher marketing expenses owing to a more competitive environment in FY25 than FY24; and, c) higher cash costs attributable to the lawsuit FUBO has filed against the new ESPN vMVPD. As a result of our lower FY25 estimates, we lower our 12-month price target to $2/share from $3."

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