Shares of fuboTV (FUBO 18.50%) charged sharply higher on Wednesday, surging as much as 22.3%. As of 11:53 a.m. ET, the stock was still up 22%.

The catalyst that sent the streaming video specialist higher was a bullish call by a Wall Street analyst after the company released positive preliminary financial results.

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Significant upside ahead?

Wedbush analyst Dan Ives issued a positive note to fuboTV investors, maintaining his outperform (buy) rating on the stock and raising his price target to $6, up from $5. For those keeping score at home, that represents potential gains for investors of 69%, compared to Tuesday's closing price. The analyst cited the company's preliminary results as encouraging and noted that management's guidance was conservative.

fuboTV released its preliminary results on Tuesday, and while the declines continued, the company showed progress. Revenue is expected to come in at about $373.5 million, which would represent a decline of 4.5% year over year, but the results were much better than management's previous guidance, which called for revenue of $352 million.

Subscriber numbers were also better than expected. Total subscribers are expected to clock in at 1.69 million, up from fuboTV's previous forecast of 1.57 million.

The company also reported that its expected net loss of $8 million improved dramatically, compared to a loss of $18 million in the prior-year quarter.

Reason for hope?

fuboTV has mounted a remarkable comeback so far this year. After plunging 60% in 2024, the stock has skyrocketed 240% in 2025 (as of this writing), and the company continues to make progress toward its goal of returning to year-over-year growth. It's expected to begin offering "skinny bundles" later this year, which is expected to reignite subscriber growth.

At 21 times trailing-12-month earnings, fuboTV stock is still reasonably priced, particularly for investors who are willing to take on a little risk for the potential of additional upside.