Shares of fuboTV Inc. FUBO, +10.35% shot up 12.4% in premarket trading Monday, after Wedbush analyst Michael Pachter boosted his price target by 25%, citing optimism over the streaming TV service’s near-term prospects following a number of positive announcements in January. Pachter reiterated his outperform rating on the stock, while raising his price target to $50 from $40, after the company’s positive fourth-quarter pre-announcement in early January, the mid-January announcement on advancing its sports-betting business and last week’s cash infusion through a convertible debt offering. Pachter also believes fuboTV is “well positioned with its ‘lead with sports’ strategy and competitive pricing to compete for a favorable share” of a streaming TV market, which he believes currently stands at 30 million and will grow by 3 million a year for the next 10 years. FuboTV’s stock has rocketed 213.2% over the past three months through Friday, while the S&P 500 SPX, +0.69% has gained 13.6%.
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