Warner Bros. Discovery price target raised to $20 from $16 at Macquarie

Macquarie analyst Tim Nollen raised the firm’s price target on Warner Bros. Discovery to $20 from $16 and keeps an Outperform rating on the shares as part of the firm’s Q4 media networks preview. Results "could again be tough," but the firm believes the bad news from the merger is "done now" and that the upcoming combined HBO Max/Discovery+ streaming service "could help reveal the value of these content and distribution assets," it said, adding that Warner Bros. Discovery is its top pick in the group.