Guggenheim analyst Michael Morris raised the firm’s price target on Warner Bros. Discovery (WBD) to $12.50 from $11 and keeps a Buy rating on the shares citing higher estimates and multiple expansion reflecting the improved Distribution revenue visibility provided by the recent carriage renewal with a multi-year, multi-market distribution agreement with Comcast (CMCSA) now completed. The firm raised its Networks Distribution revenue estimates for 2026 and 2027 to remove a prior assumption of a reduced per-subscriber carriage fee associated with the loss of NBA game content beginning with the 2025-26 season and also raised DTC subscriber estimates in 2026 to reflect a new Max distribution agreement with Sky.
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