Benzinga | Dec 9, 2021 09:45PM EST

JPMorgan Sees 41% Upside In FuboTV, Remarking Attractive Entry Point

* JPMorgan analyst Anna Lizzul initiated coverage of FuboTV Inc (NYSE:FUBO) with an Overweight rating and a $28 price target, implying a 41.63% upside.

* FuboTV launched in 2015 and is a live TV streaming platform, providing subscribers access to live sports, entertainment, and news, Lizzul tells investors in a research note.

* The analyst sees value in the platform as a sports-centric virtual multichannel video programming distributor service but notes the company operates in a "highly competitive environment."

* While she sees some long-term risks to the business model, Lizzul believes FuboTV shares present an attractive entry point given the 40% decline since the Q3 earnings report.

* FuboTV reported third-quarter revenue of $156.7 million, up 156% year-over-year, beating the consensus of $143.6 million. Advertising revenue was up 147% Y/Y to $18.6 million.

* FuboTV raised its full-year revenue guidance from $560 million - $570 million to $612 million - $617 million, above the consensus of $577.7 million.

* Price Action: FUBO shares traded lower by 0.66% at $19.9 in the premarket session on the last check Thursday.