Why fuboTV Stock Plunged Today
Shares of fuboTV (NYSE: FUBO) plunged as much as 15% today after getting a downgrade from Wall Street. BMO Capital dropped its rating from outperform to market perform while adjusting its price target from $33 to $50. As of 12:30 p.m. EST, the stock was down 9%.
FuboTV shares have already more than doubled this month, leading to some concerns around valuation for the sports-centric live TV streaming platform. Analyst Daniel Salmon pointed to the tech stock's recent rally as the primary factor in the rating change. Shares had surged earlier this week following an Axios interview with CEO David Gandler that suggested the company was exploring exclusive content deals.
Image source: fuboTV.
Source Fool.com
