Warner Bros. Discovery price target lowered to $16 from $17 at Seaport Research

Seaport Research analyst David Joyce lowered the firm’s price target on Warner Bros. Discovery to $16 from $17 and keeps a Buy rating on the shares. The company is making progress on several fronts, including the broad ad market solidifying, theatrical releases performing well, and direct-to-consumer net adds above expectations, the analyst tells investors. While the firm anticipates a temporary return to a direct-to-consumer loss while it launches MAX in several countries, it should be profitable for the next year.