Entertainment giant Paramount Global (PARA) has lost another senior executive, as well as a chance to regain some lost ground with analysts.
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Executive Vice President of Podcasting and Audio, Steve Raizes, is leaving Paramount. He has been in charge of Paramount’s podcasting operations since 2019 and previously worked on the company’s TV programs shows such as South Park and The Daily Show. It is not clear why Raizes is leaving the company.
At the same time, analyst Philip Cusick of JPMorgan maintained an Underweight rating on PARA stock. His $11 price target on the shares was also unmoved.
PARA Stock is Down But Not Out
Paramount Global may be having a rough time getting restructured but it is hardly out of options. In fact, reports claim that it is going back to the well to bring out a new release in the Rugrats franchise. The new movie will be shot in a combination of live action and computer generation, and is being compared to the Sonic the Hedgehog film franchise.
On October 8, children and parents—or anyone else who counts themselves a fan of SpongeBob SquarePants—will be able to answer the question “What does a Krabby Patty taste like?” That is when Paramount and Wendy’s (WEN) get together to produce a line of Krabby Patty-inspired meals. Part of the Krabby Patty Collab, as it is called, it will not be the only place that features Krabby Patty style meals. A range of other options, from donuts to dumplings and more, will be available at a range of locations in several cities.
Is Paramount Stock a Buy?
Turning to Wall Street, analysts have a Hold consensus rating on PARA stock based on four Buy, eight Hold and six Sell recommendations assigned in the past three months, as indicated by the graphic below. After a 11.37% loss in its share price over the past year, the average PARA price target of $12.43 per share implies 18.83% upside potential.
