Following a recommendation to buy from Wedbush analyst Michael Pachter, FUBO stock (NYSE:FUBO) climbed 1.8% in premarket trading on Friday.
Pachter referred to the recent dip in FUBO stock (NYSE:FUBO) price as a “compelling entry opportunity.” Pachter moved his rating up to outperform from neutral a month ago, but he did not change his price target, which is still set at $6. This would represent a gain of 53.1% based on the price at which FUBO stock (NYSE:FUBO) closed on Thursday, which was $3.92.
This downgrading came after a 45.0% surge on August 16, before the business’s investor event. Pachter noted uncertainty about how dilutive a much-needed capital raising would be to shareholders and stated that this led to the decision to downgrade the company.
Market Evaluation of FUBO Stock
Since reaching that high, the price of the stock has dropped by 38.3% as of Thursday. Pachter also stated that the company has an opportunity for a sports wagering company to partner with an established sports TV broadcaster. According to a client letter that Pachter handed out, he stated, “We feel the current FUBO stock (NYSE:FUBO) price represents a good entry opportunity considering the upside and downside risks.” The stock had lost 74.7% of its value since the beginning of the year as of Thursday, while the S&P 500 (SPX) had lost 21.2%.
About FUBOTV, INC.
FuboTV, Inc. is a live TV streaming company with a concentration on sports programming. The organization’s primary purpose is to provide its consumers with access to tens of thousands of live athletic events each year, in addition to providing them with content relating to news and entertainment. Customers have access to content through its platform, fuboTV, on a variety of devices, including streaming devices, smart TVs, mobile phones, tablets, and computers. The company, which has its headquarters in New York, New York, was established on February 20, 2009, by David Gandler, Alberto Horihuela Suarez, and Sung Ho Choi.
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Author Okoro Chinedu 
