Benchmark lowered the firm’s price target on Warner Bros. Discovery to $24 from $26 and keeps a Buy rating on the shares ahead of tomorrow morning’s Q3 earnings release, noting that the firm’s revised target still represents “a double on the stock.” The firm argues in its preview that a labor settlement and concomitant timing for a turnaround on TV series and film production is “now an even further heighted pivot point” for 2024 Warner Bros. Discovery estimates.
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