Morgan Stanley analyst Benjamin Swinburne raised the firm’s price target on Warner Bros. Discovery to $17 from $14 and keeps an Equal Weight rating on the shares. The firm believes Warner Bros. Discovery likely began generating "meaningful" free cash flow in Q4 and expects the company to de-lever by over a full turn in 2023, but sees continued risk to consensus expectations both in advertising and overall EBITDA.
Published first on TheFly
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