Evercore ISI analyst Vijay Jayant lowered the firm’s price target on Warner Bros. Discovery to $20 from $25 and keeps an Outperform rating on the shares. The firm, which is cutting estimates for second half of 2023 and 2024 linear advertising revenue by about 200-300 basis points given modestly weaker than expected trends in Q2 and reports that indicate the 2023 upfront is “shaping up to be weaker than expected,” lowered its price targets for several legacy media names ahead of earnings. While legacy media could beat on free cash flow and costs in the short-term due to the strike and cost saving initiatives, linear trends continue to deteriorate, the analyst added.
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