Paramount downgraded to Neutral from Buy at Seaport Research

Seaport Research analyst David Joyce downgraded Paramount Global (PARA, PARAA) to Neutral from Buy without a price target. With the shares of both classes having appreciated closer to the firm’s prior price targets, this time with the headlines that a competing and possibly superior all-cash offer might be forthcoming from Sony and Apollo, Seaport is now stepping to the sidelines, the analyst tells investors in a research note. The firm says the potential corporate structure change “has turned into a soap opera plot, is getting more voluminous, and will likely be driving continued volatility in the shares.”