Millions of People Will Soon Be Blindsided. Will You Be One of Them?

On April 20 at 7 p.m. ET, Louis Navellier and Matt McCall will reveal an event that’s about to rock the stock market and how you could use it to beat the markets by nearly 11X.

Tue, April 20 at 7:00PM ET
 
 
 
 

Migrate from Obsolete Cable and Satellite TV With FuboTV

If you’re ready to embark on a wild ride as an investor, check out live TV streaming company fuboTV (NYSE:FUBO). The price action of FUBO stock has been like a roller coaster, but long-term shareholders have enjoyed absolutely outstanding gains.

FUBO stock Picture of large tv with fuboTV logo in center screen.
Source: Shutterstock

I recommended taking a long position in FUBO stock on Jan. 20, when the share price was $30 and change. Not to brag or anything, but FUBO shares went up a lot over the following weeks.

The next earnings event for fuboTV is scheduled for March 2. On that day, FUBO stock could make a big move in either direction. If the stock goes up, Wall Street analysts will have to raise their price targets.

It won’t be the first time that the analysts will have to chase after the rising stock price. Something tells me that they’ll always be a step behind as the FUBO share price keeps on climbing higher.

A Closer Look at FUBO Stock

Today, it’s hard to imagine that FUBO stock was a $5 stock at one point during the past year. Furthermore, fuboTV was trapped under the $10 resistance level for quite a while.

But once FUBO stock broke out, it really took off. December was a particularly noteworthy month, as that’s when the FUBO share price touched a 52-week high of $62.29.

My buy recommendation from Jan. 20 came when fuboTV stock was out of favor, as the share price had dropped sharply. Shares are now at $43.60, which still leaves room to run.

It should only be a matter of time before the bulls push FUBO stock back up to the $62 level and beyond. Looking beyond that, $100 in 2021 is not unrealistic for fuboTV, so that should give the shareholders something to look forward to.

Analysts Are Playing Catch-Up

On Feb. 2, it was reported that the average analyst price target for FUBO stock was $39.28. As I mentioned earlier, the share price has already risen above that target.

It seems that Wall Street simply can’t keep up with the swift moves in FUBO stock. To give you an example, on Feb. 1 Wedbush analyst Michael Pachter raised his price target on FUBO from $40 to $50. The share price then proceeded to break above $50 that same day.

For another example, we can point to Barrington analyst James Goss, who recently assigned a $40 price target on FUBO stock. Like Pachter, Goss will likely end up raising his target, perhaps even multiple times this year.

For a real shocker, we can take note of LightShed Partners analyst Rich Greenfield’s price target of $6.50. That’s what I would call a long shot, as FUBO stock would have to shed most of its value to reach that price.

The Growth Is Real

Perhaps Greenfield’s ultra-low price target would be realistic if FuboTV was losing most of its user base.

Yet, that’s clearly not the case. At the end of 2020, FuboTV had 545,000 subscribers, which is a sizable improvement over the 316,000 accounts that FuboTV had at the end of 2019.

Today I won’t attempt to predict the results of the upcoming quarterly fiscal data release. However, I will note that fuboTV’s revenues increased by a whopping 71% during last year’s third quarter.

Much of fuboTV’s subscriber and revenue gains could likely be attributed to a savvy business model that relies heavily on sports programming.

FuboTV offers nearly 120 channels, and more than three dozen of those channels are live sports networks. Oftentimes, folks who choose to cut the cable cord or ditch satellite TV still want to watch sports events.

Thus, fuboTV remains popular among cord-cutting sports fans. It’s a niche angle that’s working out well for FuboTV, and should continue to benefit the stakeholders in 2021.

The Bottom Line

At the end of the day, you don’t have to concern yourself with analyst price targets on FUBO stock.

Let them play catch-up as the FUBO stock price heads higher. Meanwhile, you can take a position and watch the company, and the share price, grow relentlessly.

On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article.


Article printed from InvestorPlace Media, https://investorplace.com/2021/02/migrate-from-obsolete-cable-and-satellite-tv-with-fubo-stock/.

©2021 InvestorPlace Media, LLC