Fubo (NYSE:FUBO) has always been something of a dark horse in streaming. It’s never made much of a splash in terms of original content, sticking to being a streaming alternative to cable. But its latest move, which includes rebranding and a new ad campaign, may help shake things up. Investors are ecstatic, sending Fubo up 15% in Tuesday’s trading.
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So what did Fubo do, exactly? First off, it’s rebranded from “FuboTV” to just “Fubo,” responding to a trend noticed by CEO David Gandler. People were already calling it “Fubo” as it was, so why not formalize the nickname. That’s not all, though; Fubo also called in Ryan Reynolds and his Maximum Effort production company to put together new advertising.
Specifically, new advertising to call attention to Fubo’s sports content. Calling in Kevin Garnett, an NBA Hall of Fame alum, and Mark Sanchez, an NFL quarterback, should help secure that perception nicely. Fubo’s fortunes were already improving; the streamer hit the $1 billion mark in global annual revenue only recently and reported a hefty 1.44 million subscribers in North America.
Analysts are somewhat skeptical but are still sufficiently engaged to call Fubo a Moderate Buy. With an average price target of $3.26 per share, Fubo stock boasts 155.69% upside potential.