Shares of TV streaming platform fuboTV (NYSE:FUBO) surged nearly 5% in the early session today after the company entered into a major distribution agreement with Nexstar Media Group (NASDAQ:NXST). Nexstar, a diversified media company, owns the largest broadcasting group in America. The company reaches nearly 212 million people with about 200 owned or partner stations.
While financial details remained under wraps, the multi-year agreement spans 89 local television stations owned by NXST across the U.S. Importantly, the deal will also extend FUBO’s carriage of NXST’s national cable news network.
Separately, FUBO is slated to announce its results for the fourth quarter on February 22. Analysts expect the company to incur a net loss per share of $0.31 on revenue of $397.7 million for the quarter. In the comparable year-ago period, FUBO’s EPS of -$0.76 had missed analysts’ estimates by $0.05.
What is the Price Target for FUBO?
Overall, the Street has a Hold consensus rating on fuboTV, and the average FUBO price target of $4.31 implies a mouth-watering 48.6% potential upside in the stock. That’s on top of a nearly 73% jump in the company’s share price over the past year.
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