Paramount price target raised to $12 from $10 at Loop Capital

Loop Capital analyst Alan Gould raised the firm’s price target on Paramount to $12 from $10 but keeps a Sell rating on the shares. The company has entered an exclusive 30-day negotiating period with Skydance in favor of a $26B all-cash bid from Apollo Global Management, according to the press, and the offer – estimated at $19.22 per Class B share – looks “quite attractive”, the analyst tells investors in a research note. Loop notes however that the most likely scenario is Chairperson Shari Redstone sells National Amusements to Skydance, and the Board allows Skydance to merge into the company, adding that in this scenario will be delayed by litigation and public shareholders will get diluted rather than benefiting from an asset sale at private market value.