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

Raymond James lowered the firm’s price target on Warner Bros. Discovery (WBD) to $13 from $14 and keeps an Outperform rating on the shares. Warner Bros. Discovery’s Q2 results were strong, but the company said networks content revenues were smaller and Raymond James expects Eliminations to continue to be much larger than historically, the analyst tells investors in a research note. The larger, long-term value creation opportunity comes from potential M&A for either side post-split, the firm adds.