As previously reported, Macquarie analyst Tim Nollen downgraded Paramount to Underperform from Neutral with an unchanged price target of $15 given that its ad exposure is highest in the peer group at 35% of sales. Ad revenues will likely be "firmly negative" in Q4 and 2023, said the firm, which cut its Q4 EPS estimate ahead of the company’s upcoming report. The firm adds it is "not so bearish" on 2024, but calls its rating change "something of a tactical downgrade" given how the stock has rallied this year.
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