Loop Capital lowered the firm’s price target on Paramount (PARA) to $8 from $9 and keeps a Sell rating on the shares. The analyst cites the company having ended its merger talks with Skydance, noting that while renewed talks or a potential bid from Apollo (APO) / Sony (SONY) cannot be ruled out, it now appears that “no transaction” is the most likely scenario. As a standalone company, Paramount shares could trade down to a 5.5-times expected EBITDA multiple, implying a price of $6-$7 per share, the firm tells investors in a research note.
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 PARA:
- Paramount (PARA) Stock Drops as Skydance Deal Collapses
- Paramount (NASDAQ:PARA) Readies Severance for the “Office of the CEO”
- Paramount Global Boosts Compensation for Chief People Officer
- M&A News: Another Offer for Paramount (NASDAQ:PARA)?
- Edgar Bronfman interested in buying Paramount parent, WSJ reports