Warner Bros. Discovery price target lowered to $13 from $14 at Raymond James

Raymond James analyst Ric Prentiss lowered the firm’s price target on Warner Bros. Discovery to $13 from $14 and keeps an Outperform rating on the shares following Q1 results. The company beat expectations on free cash flow and direct-to-consumer net adds and profitability, but missed on EBITDA due to the performance of the Studios division, the analyst tells investors.