Warner Bros. Discovery price target raised to $22 from $14 at Guggenheim

Guggenheim raised the firm’s price target on Warner Bros. Discovery (WBD) to $22 from $14 and keeps a Buy rating on the shares. The firm update its model ahead of Q3 earnings to reflect content-driven top-line strength at Studios and to a lesser extent at Streaming, while also updating its valuation approach to a sum-of-the-parts methodology and noting that it sees further industry consolidation as possible.