Why is FuboTV (FUBO) stock moving higher today?

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FuboTV (NYSE:FUBO) shares are rising on Friday after Wedbush analyst Michael Pachter upgraded shares of the sports streaming company.

In this upgrade, analysts upgraded FUBO’s credit rating from “neutral” to “exceed” rating.. This is a bullish position next door the consensus rating of analysts is “hold”. for shares. This comes from three “buy” ratings, four “hold” ratings and a single “sell” rating.

One thing that didn’t change was the Wedbush analyst’s price target of $6 per share. This represents a potential 53% upside from yesterday’s closing FUBO stock price. It is also worth noting that the analyst consensus forecast for FUBO is $8.46 per share.

Pachter’s comments on FUBO stock

The Wedbush analyst sees the current price of FUBo as a compelling entry point. He explains his reasons for this position in a memo he obtained CNBC.

“FuboTV has a solid track record of offering live sports programming to its subscribers, has a successful and growing advertising business, and presents a compelling opportunity for a sports betting company to partner with an established sports broadcaster.”

Trading in FUBO stock is decent on Friday with about 9 million shares on the move as of this writing. To put that in perspective, the company’s daily average trading volume is about 16 million shares.

FUBO shares were up 5.1% Friday morning. The stock is currently down 74.5% year-to-date.

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On the date of publication by William White did not hold (directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer and are the subject of InvestorPlace.com Publishing Guidelines.

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