FuboTV gets ‘breathing room’ with injunction, says Wedbush

Wedbush analyst Michael Pachter keeps an Outperform rating on FuboTV (FUBO) with a $5 price target after the company’s motion for a preliminary injunction was granted against the Venu Sports joint venture between Disney (DIS), Fox Corp. (FOXA) and Warner Bros. Discovery (WBD). The temporary win gives Fubo “breathing room” ahead of the football season but the injunction will last only until Venu responds to the court’s satisfaction, which Wedbush expects take no more than a couple of months, the analyst tells investors in a research note. Ultimately, the firm expects the injunction to be lifted. It does not expect the Venu offering to materially impact FuboTV, however, so long as Venu is competitively priced and Fubo has continued access to the same content offered by Venu.