fuboTV Inc. (FUBO) shares soared 6.01% in pre-market trading on Thursday, building on the previous day's impressive 7.45% gain. This surge comes in the wake of the company's release of strong preliminary second-quarter results and subsequent analyst upgrades, signaling growing investor confidence in the sports-focused live TV streaming platform.

According to the preliminary figures disclosed on July 30, FuboTV expects to surpass its previous guidance significantly. The company projects total revenue in North America for Q2 to reach $365 million, well above the earlier forecast of $345 million. Additionally, FuboTV anticipates exceeding 1.350 million paid subscribers in North America, substantially outperforming its previous estimate of 1.240 million. Perhaps most notably, the company expects to achieve its first-ever quarter of positive Adjusted EBITDA, reaching at least $20 million and marking a remarkable improvement of over $30 million year-over-year.

The impressive preliminary results have prompted several Wall Street analysts to upgrade their outlook on FuboTV. Wedbush analyst Dan Ives raised his price target to $6 from $5, maintaining an Outperform rating. Similarly, Needham analyst Laura Martin reiterated a Buy rating and increased 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 stance. The string of positive analyst ratings and raised price targets have further fueled investor enthusiasm, contributing to the stock's continued rally in pre-market trading.