Seaport Research analyst David Joyce lowered the firm’s price target on Paramount to $15 from $17 and keeps a Buy rating on the shares following the Q4 report. The analyst says that while Paramount’s Q4 direct-to-consumer sales growth could not offset legacy declines, adjusted OIBDA and free cash flow were ahead of estimates. The firm thinks Paramount’s cost cuts, headcount reductions, and charges to streamline the operational focus “could be coming together to form the needed revenue, OIBDA, and FCF growth inflection point.”
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