Citi analyst Jason Bazinet downgraded Paramount (PARA) to Neutral from Buy with a price target of $12, down from $13. The firm continues to expect the Skydance transaction to close in 2025, but believes the equity’s risk/reward is relatively balanced at prevailing levels. Moreover, given the large cash payment election of $7 per share, Citi expects a period of elevated volatility in the equity related to the positioning of event-driven funds post close.
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