Berenberg Asuumes Coverage of FuboTv, Initiates Penn with a Buy
By Sam Boughedda
Investing.com — Shares of FuboTV Inc (NYSE:FUBO) and Penn National Gaming Inc (NASDAQ:PENN) jumped Tuesday after Berenberg analyst Zachary Silverberg assumed coverage of Fubo and initiated Penn, both with Buy ratings.
Penn shares rose 2.5% above Monday's close, while Fubo's stock initially jumped to a high of $30.95 before reversing. They are now down 0.1% at around $29.88.
Silverberg initiated coverage of Penn National with a $95 price target. The analyst said he expects regional gaming to post steady growth in 2022, while he sees Penn as having placed itself in a position to benefit from the retail recovery as "a leader in regional gaming." In addition, Silverberg thinks the market is undervaluing the company in relation to its larger rivals.
Regarding FuboTV, Silverberg assumed coverage of the company with a $50 price target, which implies around a 67% potential rise from its current stock price. In addition, he deems the company's technology focus, sports niche, and sports betting as having the potential to drive stronger subscriber and profit growth than the current market forecast.
Silverberg's survey work implies 90% of people with a paid TV subscription typically watch sports, which "bodes well" for Fubo as these subscribers "cut the cord."
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