MoffettNathanson upgraded Warner Bros. Discovery (WBD) to Buy from Neutral with a price target of $13, up from $9. The firm says Warner’s financial performance and elevated debt levels have kept it on the sidelines. However, in 2025, the company has “relative stability” following its recent round of significant affiliate fee renewals, as well as continued growth at Max and reduced Studio headwinds, the analyst tells investors in a research note. It expects this to lead to continued de-levering into the medium term.
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