Wells Fargo analyst Steven Cahall lowered the firm’s price target on Paramount to $15 from $18 and keeps an Equal Weight rating on the shares. Paramount is moving forward with 2024 set to bring DTC improvements and year-over-year earnings growth. However, with linear pressures, Wells thinks earnings could fall again in 2025 and free cash flow is modest. The firm believes there is more M&A potential than most.
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