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

Raymond James analyst Ric Prentiss lowered the firm’s price target on Warner Bros. Discovery (WBD) to $13 from $14 and keeps an Outperform rating on the shares. As the market grapples with the uncertainty of tariffs and the macroeconomy, with Warner Bros.’ reorganization of its corporate segments to facilitate strategic options, the firm thinks industry discussions are growing louder around vertical separation and horizontal integration, the analyst tells investors in a research note. Warner Bros. has a very strong set of assets that should be the “backbone” of all of its segments, and while the company’s leverage and significant exposure to linear TV are clearly concerns, Raymond James says these concerns on leverage are “exaggerated.”