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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NEGATIVE IMPACT
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.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100