fuboTV (FUBO) Trades at a Deeper Discount Now Than at the IPO, Needham Reiterates Buy
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Needham & Company analyst Laura Martin reiterated a Buy rating and $60.00 price target on fuboTV (NYSE: FUBO) after the company reported 4Q20 revs of $105.08mm (up 98% y/y and 9% above our estimate), adding 92,880 subs at ARPU up 17% y/y.
The analyst stated "In the 5 months since IPO, FUBO has over-delivered nearly every streaming metric, plus it has pulled forward by 1 year its upside optionality from wagering. In Oct 2020, the timing for wagering was "about 2 years away." After 2 acquisitions, FUBO expects to have a mobile free-to-play wagering app in market by 4Q21. Today, at 6.9x our forward year (2022E) revenue estimate, we believe FUBO trades a deeper discount to its fair value than at its IPO date, given its 2 industries."
Shares of fuboTV closed at $39.54 yesterday.
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