Bernstein analyst Laurent Yoon raised the firm’s price target on Warner Bros. Discovery (WBD) to $16 from $13 and keeps a Market Perform rating on the shares. The firm believes Paramount Skydance (PSKY) will eventually reach a deal for Warner Bros., either in whole or in parts. Warner effectively solves Paramount’s content challenge, and there is no comparable alternative, the analyst tells investors in a research note. However, Bernstein believes that if a deal does not materialize in the near-term, Warner Bros. shares may give back some of their recent gains.
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