FuboTV Crashed 80% but This Could Be the Turnaround

fuboTV Inc. (NYSE:FUBO) has been one of the most punishing trades of the past year. Shares have fallen nearly 74% over the past 12 months and are down more than 69% year-to-date, with the stock sitting near its 52-week low of $9.35 against a 52-week high of $56.64. The one-week decline alone stands at 28.72%, partly reflecting a 1-for-12 reverse stock split effective March 23.

Street consensus sits at $41.25. But B. Riley initiated with a Buy and a bold $18 price target, arguing the 80% decline since the January 2025 high is overdone and that the Hulu merger is the real inflection point. From the current price of $9.66, that target implies roughly 86% upside. Can FUBO realistically reach $18 by end of 2026?

B. Riley’s $18 FUBO Prediction

B. Riley views shares as “oversold” and sees the Hulu + Live TV combination as an “inflection” point, with scale benefits, improving ad yields, and synergies creating operating leverage and “meaningful” EBITDA upside relative to the current run-rate. The thesis rests on tangible early results: Pro Forma Adjusted EBITDA nearly doubled to $41.4 million in Q1 2026 from $22 million in the prior year, and the combined entity now ranks as the sixth-largest Pay TV service in the U.S. with 6.2 million North America subscribers.

Key Drivers of FUBO Stock Performance

1. Disney ad server integration unlocking ad yield: Migration of fuboTV’s ad tech into the Disney Ad Server was completed in February 2026, with management projecting “meaningful uplift in both CPM and fill rates” as fuboTV inventory is sold alongside Disney+, ESPN+, and Hulu — a durable margin driver that compounds as ad revenue scales.
2. ESPN distribution partnership accelerating subscriber growth: ESPN’s digital and social properties reached 4 out of 5 U.S. adults in November 2025, and fuboTV Sports is being integrated into ESPN’s commerce flow, lowering customer acquisition costs and improving long-term free cash flow.
3. $120 million-plus in identified synergies still ahead: The January proxy deck cited $120 million-plus in total expected synergies, spanning advertising, content cost efficiencies, and procurement savings. Management called procurement “early stages” but potentially a “needle mover.”

What Will It Take for FUBO to Reach $18?

With 29.4 million shares outstanding post-reverse split, an $18 share price implies a market capitalization near $529 million. The path is clear: continued EBITDA expansion toward the $120 million-plus synergy target, successful ramp of the Disney ad server driving higher CPMs and fill rates, and subscriber stabilization as ESPN commerce integration funnels new customers to fuboTV Sports. The company already showed resilience when, despite losing NBC content for over four weeks during Q1 2026, subscribers still grew 3% year-over-year.

The primary risk is integration execution: combining two large streaming platforms while managing content costs, with formal guidance still pending and operating cash flow still negative at -$200.3 million. With $452.4 million in cash on hand and EBITDA already positive and accelerating, B. Riley’s conviction that the selloff is overdone makes the $18 target a credible long-term call, according to the firm’s analysis.