Wells Fargo analyst Steven Cahall is lowering the firm’s Q1 advertising revenue estimate for Paramount by 1% to $2.6B, or down 8% year-over-year, noting that the firm is now 3% below consensus on ads overall, including 2% below at TV Media and 5% at DTC. The firm, which contends that reports that Paramount is looking to sell majority stakes in both Noggin and BET Group and the fact that Simon & Schuster is also still up for sale is "indicative of how strained the balance sheet is," maintains an Underweight rating and $11 price target on Paramount shares.
Published first on TheFly
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