Benchmark analyst Matthew Harrigan raised the firm’s price target on Warner Bros. Discovery (WBD) to $30 from $25 and keeps a Buy rating on the shares to reflect the firm’s $30 sum-of-the-parts analysis through 2030, noting that the firm’s prior $25 target constituted an “as is” public market assessment rather than a breakup analysis. Though the firm is “quite constructive” on the benefits of the board approved Netflix (NFLX) offer, timely regulatory approval “appears problematical at best,” the analyst added.
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