Warner Bros. Discovery price target raised to $29.50 from $26 at Deutsche Bank

Deutsche Bank raised the firm’s price target on Warner Bros. Discovery (WBD) (WND) to $29.50 from $26 and keeps a Buy rating on the shares. The target increase reflects the announcement that Netflix (NFLX) will acquire what’s left of Warner Bros. Discovery following the spin-off of Global Networks, the analyst tells investors in a research note. Deutsche’s sum-of-the-parts valuation values Global Networks at $2.35 per share. The firm also sees a “significant probability” that Paramount Skydance (PSKY) might take another run at Warner. There have been various media reports that Paramount will take their case directly to Warner shareholders, which seems like a possibility, the firm contends.