FuboTV upgraded to Buy at Seaport on ‘rapidly improving’ margins

As previously reported, Seaport Research analyst David Joyce upgraded FuboTV to Buy from Neutral with a $2.50 price target. While the firm understands that some investors will be seeking more topline growth in order to “re-invigorate enthusiasm,” Seaport thinks there is limited downside to the company’s antitrust lawsuit against the Sports Streaming JV announced last month, sees ad revenue gaining momentum and “seemingly keeping pace with the digitally native/connected TV video ad sales peers” and sees margins rapidly improving, even if it is coming at the cost of a more measured subscriber growth pace, the analyst tells investors.