FuboTV (NYSE:FUBO) stock is getting a boost on Friday after Wedbush analyst Michael Pachter upgraded the sports streaming company’s shares.
That upgrade saw the analysts increasing FUBO stock from a “neutral” rating to an “outperform” rating. That’s a bullish stance next to analysts’ consensus “hold” rating for the shares. This comes from three “buy” ratings, four “hold” ratings, and a single “sell” rating.
One thing that didn’t change was the Wedbush analyst’s price target of $6 per share. That represents a potential 53% upside compared to the closing price of FUBO stock yesterday. It’s also worth mentioning that analysts’ consensus price prediction for FUBO is $8.46 per share.
Pachter’s Comments on FUBO Stock
The Wedbush analyst sees the current price of FUBO as a compelling entry point. He explains his reasoning for this stance in a note obtained by CNBC:
FuboTV has a solid head start in offering live sports programming to its subscribers, has a thriving and growing advertising business, and presents a compelling opportunity for a sports wagering company to partner with an established sports television broadcaster.
Trading of FUBO stock is decent on Friday with roughly 9 million shares on the move as of this writing. To put that in perspective, the company’s daily average trading volume is about 16 million shares.
FUBO stock is up 5.1% as of Friday morning. The stock is currently down 74.5% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.