The second installment of Dune has grossed about $81.5 million in its box-office debut. This makes the much-awaited film, distributed by media giant Warner Bros Discovery (NASDAQ:WBD), one of the most successful film debuts of 2024. Nevertheless, shares are down 5% in today’s trading.
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WBD is distributing the film in collaboration with Legendary Entertainment. Impressively, Dune: Part Two has grossed nearly $178.5 million worldwide so far. The first installment of Dune notched over $400 million globally, and it looks like the final tally for Dune 2 could come in way north of this figure. WBD has released Dune 2 at over 4,000 locations in the U.S. and Canada alone. Upcoming titles that could move the needle for WBD include Godzilla X Kong: The New Empire and Furiosa: A Mad Max Saga.
Warner Bros Discovery’s stock price has plunged by nearly 15% over the past month and by 42% over the past year. Last month, the company ended its merger discussions with Paramount (NASDAQ:PARA).
Will WBD Stock Go Up?
Overall, the Street has a Moderate Buy consensus rating on Warners Bros, and the average WBD price target of $13.61 points to a mouth-watering 57% potential upside in the stock. Following the heavy price decline, shares of the company are currently trading at an enterprise value-to-EBITDA multiple of 2.9.
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