Seaport Research downgraded FuboTV to Neutral from Buy without a price target. The company’s first legal victory against the Venu sports streaming joint venture has driven up the shares 35% to over Seaport’s prior $2 target, the analyst tells investors in a research note. With no change in estimates, and with company guidance indicating subscriber projections do not reflect the potential impact of Venu operating in the market, the firm thinks the shares are largely driven by the legal process at this point, including potential appeals. As such, it downgraded FuboTV post the recent rally.
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