Scotiabank downgraded Corus Entertainment (CJREF) to Underperform from Sector Perform with a price target of C$0.37, down from C$0.90. Corus on Friday announced that Warner Bros. Discovery (WBD) unexpectedly decided not to renew certain programming and trademarks output with Corus post the end of 2024, the analyst tells investors in a research note. The firm says the decision will likely deprive Corus of trademarks and programming on five channels which together accounted for close to $155M and $49M of revenues and operating income in fiscal 2022. The loss of the trademark will likely push many subscribers currently on those channels to turn to other broadcasters or streamers who will end up landing those rights, says Scotiabank
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CJREF:
- Corus Entertainment Addresses Programming Shifts
- Corus Entertainment price target lowered to C$1.25 from C$1.50 at RBC Capital
- Corus Entertainment price target lowered to C$0.85 from C$1.15 at CIBC
- Corus Entertainment downgraded to Hold from Buy at TD Securities
- Corus Entertainment downgraded to Underperform from Outperform at National Bank