Macquarie reduces FY24 estimates further for Paramount

Macquarie reduced the firm’s FY24 estimates further for Paramount after the company reported a slight miss on its revenue and earnings lines with its Q4 report. With Q4, the company provided important commentary around its direct-to-consumer streaming business, which remains key to the company’s success, but “near-term hurdles remain,” including linear TV advertising and cord-cutting, says the firm, which reiterates an Underperform rating and $10 price target on Paramount shares.