TD Cowen raised the firm’s price target on Warner Bros. Discovery (WBD) to $26 from $22 and keeps a Hold rating on the shares after Q4 revenue and adjusted EBITDA both beat expectations. The firm says it is factoring in a 65% chance of a deal at $31 per share and 35% of a regulatory block with stock going back to $12, adding that it thinks state AGs are likely to challenge either potential buyer.
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