Warner Bros. Discovery price target lowered to $27 from $44 at RBC Capital

RBC Capital analyst Kutgun Maral lowered the firm’s price target on Warner Bros. Discovery to $27 from $44 but keeps an Outperform rating on the shares. The company’s Q3 results were "mixed" and consistent with industry trends impacted by cyclical advertising headwinds and secular challenges from cord cutting, the analyst tells investors in a research note. Maral adds however that at enterprise value to expected EBITDA multiple of just 5.6-times, he finds valuation on Warner Bros. Discovery as "incredibly compelling".