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Live sports-focused streaming services platform fuboTV Inc. (FUBO) recently announced that its subsidiary, Fubo Gaming, has entered into a long-term partnership with NBA team Cleveland Cavaliers. This is Fubo Gaming’s first sponsorship with an NBA franchise.
Following the news, shares of the company rose 2.5% on Wednesday. The stock gained slightly in the extended trading session to close at $24.19.
With this partnership, the Fubo Gaming brand will be promoted through an intense marketing campaign. Besides, Fubo Gaming will also be the presenting partner of Cavs Pick ‘Em, the free-to-play live predictive gaming platform of the Cavs.
The President of Fubo Gaming, Scott Butera, said, “We’re thrilled to have our first NBA team partnership with the Cleveland Cavaliers, an innovative sports franchise known to have one of the most passionate fan bases in the league. This partnership is a natural extension of our overall goal to deliver sports fans dynamic and engaging experiences with the teams and sports they love.” (See fuboTV stock chart on TipRanks)
Recently, Needham analyst Laura Martin reiterated a Buy rating on the stock with a price target of $60, which implies upside potential of 148.7% from current levels.
Consensus among analysts is a Strong Buy based on 6 Buys and 1 Hold. The average fuboTV price target of $43.86 implies upside potential of 81.8% from current levels.
fuboTV scores an 8 out of 10 from TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations. Shares have gained 97.8% over the past year.