fuboTV Inc. (FUBO) stock was down by nearly 40% over the past month, but this downtrend may change in the next trading day as a piece of good news came out of the company.
The company said yesterday that it has acquired the exclusive live streaming rights to the Qatar World Cup 2022 Qualifying matches of South American Football Confederation. The agreement, a partnership with the 10 South American teams’ rights holders, strengthens fuboTV’s leading position as a sports-first live TV streaming platform and its offering of matches from the global Qatar World Cup 2022 Qualifiers.
The company also said that to bolster its Qatar World Cup 2022 Qualifiers coverage, fuboTV will produce original programming, including pre, half-time and post match shows, to air throughout the season. Specific details on programming, including how consumers can stream all South American qualifying matches with fuboTV, and on-air talent will be announced.
Wall Street analyst Laura Martin gave the stock a buy rating in March and assigned a price target of $60.00, which is 189% upside potential.
Martin said that FuboTV participates in the connected TV industry growth of 30%-100% per year. According to eMarketer estimates, the connected TV in U.S. homes will increase from 104 million in 2020 to 110 million by 2023 that giving FuboTV about 2 million homes per year in potential new subscribers.
Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.