Warner Bros. Discovery price target lowered to $16 from $18 at Barrington

Barrington analyst James Goss lowered the firm’s price target on Warner Bros. Discovery to $16 from $18 and keeps an Outperform rating on the shares. The company is targeting $1B in EBITDA from its Max and Discovery+ direct to consumer services and has emphasized the importance of profitable subscriber relationships, the analyst tells investors in a research note. The firm says that while progress on leverage reduction is delayed, the business should continue to “produce robust cash flows to quickly move to a sustainable position.”