Macquarie lowered the firm’s price target on Warner Bros. Discovery to $14 from $16 and keeps an Outperform rating on the shares. The analyst reduced estimates “yet again” across the media networks. The firm now estimates TV linear advertising revenue falls 2% in 2024 across the five major TV network groups, even with political spending upside this year. Cord-cutting will accelerate and linear TV ads likely will not recover, the analyst tells investors in a research note.
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