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Benzinga

Business

Anusuya Lahiri

FuboTV Shares Gain On Analyst Upgrade

Fubo FuboTV Inc NYSE

LightShed Partners analyst Richard Greenfield upgraded FuboTV Inc (NYSE:FUBO) to Neutral from Sell and removed his $6.50 price target. The re-rating follows the stock's selloff.
Fubo shares are down nearly 85% in 13 months while the company is sitting on $375 million of cash, Greenfield notes.
The analyst is taking a wait-and-see approach on whether management "abandons their sports betting 'fantasy' to reduce the cash burn in 2022 and beyond."
While FuboTV shares "could very well be a zero" in the next 24 months," the company could also put itself up for sale, mentions Greenfield.
Price Action: FUBO shares traded higher by 9.71% at $9.72 on the last check Friday.

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