fuboTV (FUBO) PT Raised to $42 at Oppenheimer
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Oppenheimer analyst Jason Helfstein raised the price target on fuboTV (NYSE: FUBO) to $42.00 (from $32.00) while maintaining an Outperform rating.
The analyst commented, "We're increasing our PT to $42 (was $32) following 2Q’s significant net-add beat (91K vs. Street’s 12K) on strong sports calendar and favorable product experience leading to improved churn (203bps y/y). Ad revenue (+31% q/q; 11% above Opco) benefiting from subscriber growth, strong engagement, and rapid marketer adoption of connected TVs. We see advertising offering the most upside to NT gross profit on monetization gains continuing from better targeting. Management provided a first look at the sportsbook (here), and while the video highlights in-game wagering, we see pre-match and during commercials betting generating the most bet volume until industry latency improves. We believe if FUBO develops a competent OSB product, its ability to offer tier-1 sports content to bettors will be a differentiator. Maintain Outperform."
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