Shares of Paramount Global (NASDAQ:PARA) are down today, which may be attributed to an analyst downgrade. Indeed, Wolfe Research, led by Peter Supino, changed their rating on the stock to Sell while assigning a price target of $14 per share.
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The analysts predict that Paramount, due to its high reliance on non-sports linear advertising revenue, is poorly set up for an expected slump in the linear ad market. As a result, Wolfe’s revised 2024 estimates for Paramount’s linear advertising stand at $8.6B, a 6% drop from consensus, impacting OIBDA by -11% with an estimate of $2.5B.
Is PARA Stock a Buy or Sell?
Overall, analysts have a Hold consensus rating on PARA stock based on five Buys, five Holds, and seven Sells assigned in the past three months, as indicated by the graphic above. Nevertheless, the average price target of $18.75 per share implies 14.36% upside potential.
