FuboTV Inc. (FUBO) shares surged 7.45% on Wednesday, building on the previous day's gains, as investors reacted positively to the company's strong preliminary second-quarter results and subsequent analyst upgrades. The sports-focused live TV streaming platform released preliminary figures that significantly exceeded expectations, prompting several Wall Street analysts to raise their price targets.
According to the preliminary results, FuboTV expects total revenue in North America for Q2 to reach $365 million, surpassing its previous guidance of $345 million. The company also projects to exceed 1.350 million paid subscribers in North America, well above the earlier forecast of 1.240 million. Most notably, FuboTV anticipates its first-ever quarter of positive Adjusted EBITDA, reaching at least $20 million, marking a substantial improvement of over $30 million year-over-year.
In response to these encouraging results, Wedbush analyst Dan Ives raised his price target on FuboTV to $6 from $5, maintaining an Outperform rating. Similarly, Needham analyst Laura Martin reiterated a Buy rating and boosted the price target to $4.25. Analysts cited the company's strong Q2 performance, strategic initiatives, and the potential business combination with Hulu + Live TV as key factors driving their optimistic outlook. The string of positive analyst ratings and raised price targets have further fueled investor enthusiasm, contributing to the stock's impressive rally.
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