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.
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