FuboTV downgraded to Market Perform from Outperform at BMO Capital

BMO Capital analyst Daniel Salmon downgraded FuboTV to Market Perform from Outperform with a price target of $50, up from $33. The stock closed Tuesday up 25%, or $12.52, to $62.00. The analyst cites valuation for the downgrade following the stock’s recent outperformance. Salmon increased the price target to reflect higher streaming comp valuations and FuboTV’s expanded distribution opportunities, which he says add “upside tension” to subscriber estimates. However, the “secular tailwinds” facing the company and its recent execution are now reflected in the stock price, Salmon tells investors in a research note.