Post by Lord Death Man on Nov 6, 2023 21:36:09 GMT 1
Paramount Analyst Cuts Stock Rating From ‘Buy’ to ‘Underperform’ Due to Lack of Asset Sales
Bank of America expert Jessica Reif Ehrlich, in her report "Hard to buy if not for sale," slashed her price target on the shares from $32 to $9.
Bank of America analyst Jessica Reif Ehrlich has been bullish on the stock of Paramount Global, driven by her belief that the entertainment giant could fetch attractive price tags for key assets. But on Monday, she cut her stock rating on the Hollywood company all the way from “buy” to “underperform,” while decimating her price target on the shares from $32 to $9 in a report entitled “Hard to buy if not for sale.”
Paramount shares declined in early Monday trading despite gains in the broader market, hitting $13.22, down 3.9 percent, at 9:35 a.m. ET. For the year, the stock is down more than 20 percent.
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