Paramount Skydance initiated with an Underperform at BofA

BofA initiated coverage of Paramount Skydance (PSKY) with an Underperform rating and $11 price target. While the firm believes Paramount Skydance has the potential to be a dynamic global media company, it adds “there are no easy fixes and a turnaround such as this will take a significant amount of time,” pointing to Warner Bros. Discovery (WBD) as evidence that the restructuring will likely take years to implement, require substantial investment and investor patience.