FuboTV price target lowered to $3.50 from $5 at Wedbush

Wedbush lowered the firm’s price target on FuboTV (FUBO) to $3.50 from $5 and keeps an Outperform rating on the shares. Fubo’s shares have been under pressure since it reported its first-quarter results as a combined business with Hulu Live, as it withheld forward guidance and announced a reverse stock split. While this remains a show-me story that needs a clear vision, this reset provides a floor for institutional investors to participate in upside over the next two years, the firm says. There are several unknowns at this juncture, but Wedbush remains cautiously optimistic that Fubo can realize cost, revenue, and operational synergies through flexible programming, advertising optimization, and enhanced marketing opportunities.