FuboTV price target lowered to $3 from $4.50 at Needham

Needham analyst Laura Martin lowered the firm’s price target on FuboTV to $3 from $4.50 and keeps a Buy rating on the shares. The analyst cites the company’s worse than expected FY23 operating losses, though she remains positive on FuboTV’s sports-first focus, skinny bundle economics, tech stack excellence, advertising revenue and profitability upside, consumer demographics, and content ownership upside potential. FuboTV represents an inexpensive way for investors to participate in the U.S. consumer shift toward OTT and Streaming TV, Martin tells investors in a research note.