Paramount remains in a holding pattern, says JPMorgan

JPMorgan says Paramount Global reported Q1 results with better OIBDA and free cash low while Paramount+ net additions were higher as well. At this point, Paramount remains in a holding pattern as investors await clarity on the company’s strategic path forward with updates in the press coming frequently, the analyst tells investors in a research note. The firm says that while the new controlling owners could pursue a significantly different path than prior or current management, a transition is likely to play out over an extended period. Amid a “continued challenging media environment” it keeps an Underweight rating on the shares with a $12 price target.