fuboTV Upgrade to Buy: Depressed Valuation and Post-Merger Clarity Create Compelling Upside Opportunity

Seaport Global analyst David Joyce upgraded the rating on fuboTV to a Buy yesterday, setting a price target of $3.00.

David Joyce has given his Buy rating due to a combination of factors that, in his view, create an attractive entry point for investors. He notes that the first quarter following the integration of Disney’s Hulu Live programming business into fuboTV led to significant uncertainty, including estimate resets, lack of formal guidance, and the announcement of a sizable reverse stock split, all of which pressured the share price sharply. Joyce believes this selloff is overdone, especially since earlier concerns that Disney might rapidly dispose of its stake appear unfounded and were driven by a technical shelf filing rather than an imminent sale. He also points out that fears around losing NBCU content and related subscriber churn should be limited, as some customers have been shifted to Hulu Live, which continues to carry key NBCU programming for marquee events like the Super Bowl and Olympics.

In valuation terms, Joyce’s discounted cash flow analysis indicates meaningful upside potential of roughly one‑third above current levels, while a revenue-based approach using a 1x sales multiple implies the stock could more than triple. By averaging these methodologies, he arrives at a $3 price target, implying the shares could roughly double from where they currently trade. He argues that the combination of a depressed valuation, clarified business model post-merger, and manageable content and shareholder overhangs provides a favorable risk-reward setup. As a result, he upgrades fuboTV to a Buy rating with the view that current volatility offers investors an opportunity ahead of potential operational and financial improvements.

Joyce covers the Communication Services sector, focusing on stocks such as Stagwell, Sphere Entertainment, and AMC Networks. According to TipRanks, Joyce has an average return of 15.9% and a 63.95% success rate on recommended stocks.

In another report released yesterday, TipRanks – Google also upgraded the stock to a Buy with a $2.00 price target.