Warner Bros Discovery stock finds two new bulls in the face of ‘draconian’ expectations for linear TV
Warner Bros. Discovery Inc. shares were basking in the love of two new bulls Friday as analysts at Wolfe Research and Wells Fargo changed their tune on the media giant.
“After a ’22 rife with negative surprises around the Warner-Discovery integration & TV advertising market, and after two rounds of forecast reductions, today’s expectations are attractive to underwrite,” Wolfe’s Peter Supino wrote as he upgraded the name to outperform from peer perform. “Networks segment estimates & valuation bake in cyclical & secular headwinds, and we believe that the skeletons in Warner’s closet have been accounted for.
“We’re bearish on the linear pay-TV outlook, but the Networks generate lots of cash and will for many years,” he wrote. “WBD’s scale, licensing strategy, & HBO/Turner synergies provide some cushion. Net-net, less extreme, but still very bearish decline assumptions drive stock upside.” “We threw everything and the kitchen sink at a Downside Case scenario for WBD, and it still delevers to 3x by ’25E,” Cahall wrote. “We now have conviction in [free-cash flow] to limit downside, while the stock has asymmetric upside.”
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