fuboTV (FUBO) PT Raised to $45 at Oppenheimer With Sportsbook Launching in Q4
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Oppenheimer analyst Jason Helfstein raised the price target on fuboTV (NYSE: FUBO) to $45.00 (from $30.00) after 4Q results highlighted continued momentum in core subscription/advertising, and more confidence in OSB licensing. Revenue for 4Q rose +97% y/y, 7% above high-end of preannounced level on strong attachment adoption. The 4Q advertising revenue accelerated to +157% y/y growth, continuing to outpace subscription revenue growth of +91% y/y, and driving $5M gross profit on 4.6% margin. The addition of ESPN/ABC is driving improvement in subscriber churn, with FY20 churn improving +200bps y/y. The completion of Balto Sports & Vigtory acquisitions mean the company plans to launch a free-to-play gaming app in 3Q:21, and go live with FUBO sportsbook in 4Q:21.
No change to the Outperform rating, the analyst stated "Increasing '21/'22E EOP subscribers by 8%/6%, driving an increase in '21/'22E consolidated revenue of 7% each. Increasing '21/22E gross profit by $16M each on 342bps/100bps margin improvement."
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