Truist analyst Matthew Thornton initiated coverage of Warner Bros. Discovery with a Buy rating and $19 price target. The firm expects the HBO Max relaunch to drive renewed subscriber and average revenue per user momentum and for the company’s multi-year deleveraging to support the equity value. Warner Bros. Discovery’s valuation provides a "low hurdle" with upside potential to adjusted EBITDA estimates, the analyst tells investors in a research note.
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