Wells Fargo raised the firm’s price target on Paramount (PARA) to $15 from $12 and keeps an Underweight rating on the shares as the firm walks through detailed pro-forma estimates for the company divesting non-content assets – the result of recent M&A headlines. Wells derives a $23/share pro-forma estimated for RemainCo. Its deal probability-weighted Paramount target price moves up to $15/share. Further, the firm also expects other Media names with M&A potential to trade higher, including Warner Bros. Discovery (WBD) and Lionsgate (LGF.B).
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