Warner Bros. Discovery price target lowered to $13 from $14 at KeyBanc

KeyBanc analyst Brandon Nispel lowered the firm’s price target on Warner Bros. Discovery (WBD) to $13 from $14 and keeps an Overweight rating on the shares. The firm cites lower estimates and valuation multiple. KeyBanc likes the defensive trades favoring Towers and Cable heading into Q1 earnings. It would be more cautious on Data Centers, Media, and Wireless. While KeyBanc’s companies are generally safe relative to many other industries from a tariff standpoint, there will be an impact that it thinks will mostly be felt in Consumer spending. Lower Consumer spending could impact advertising, theme park growth, and capital spending – most notably for Data Centers, Wireless Carriers, and, to a lesser degree, Cable Operators.