What's Going On With Paramount Global Stock?
Portfolio Pulse from Henry Khederian
Paramount Global Class B (NASDAQ:PARA) shares are trading lower by 5.4% after B of A Securities analyst Jessica Reif Ehrlich downgraded the stock from Buy to Underperform and announced a $9 price target. This follows Paramount's Q3 financial report where it exceeded expectations with adjusted earnings of 30 cents per share and quarterly revenue of $7.13 billion. Paramount's streaming services, Paramount+ and Pluto TV, saw a substantial increase in global viewing hours by 46% and revenue growth of 61%.
November 06, 2023 | 3:49 pm
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Paramount Global's stock has been downgraded by B of A Securities, leading to a drop in share price. Despite this, the company exceeded Q3 expectations and saw significant growth in its streaming services.
The downgrade of Paramount Global's stock by B of A Securities has led to a decrease in its share price. However, the company's strong Q3 performance and growth in its streaming services could potentially offset this negative impact in the future.
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