FuboTV's Full-Year Guidance at Risk, Says Wedbush

Despite its “precipitous share decline," FuboTV is “focusing on the right things within its control,” Wedbush Securities analyst Michael Pachter wrote investors Tuesday. The virtual MVPD's subscriber growth is continuing “at a rapid pace,” it raised prices to cushion itself against rising content costs, and marketing spend is “trending in the right direction” as the company focuses on “the lifetime value of customers acquired, rather than growing its subscribers at any cost." But factors outside the company’s control are likely to limit near-term growth, said the analyst, slashing Wedbush’s 12-month price target from $9 to $6. Shares were trading at $2.61 midday Tuesday. FuboTV’s full-year guidance of $220 million-$225 million is “at risk” due to macroeconomic headwinds, said Pachter, saying the company's average revenue per user target of $15-$20 could be “years away.” FuboTV reports Q2 earnings Thursday.