Warner Bros. Discovery price target raised to $22 from $13 at Raymond James

Raymond James raised the firm’s price target on Warner Bros. Discovery (WBD) to $22 from $13 and keeps an Outperform rating on the shares. The firm updated its model for recent trends ahead of Q3 results and adjusted valuation to take into account potential M&A scenarios, the analyst tells investors in a research note. While there are many potential outcomes, Raymond James believes a bid from Paramount Skydance (PSKY) is coming.