Wells Fargo Downgrades Warner Bros. Discovery Stock on Lower Earnings Outlook, ‘Less Favorable’ M&A

Wells Fargo has downgraded Warner Bros. Discovery and cut its price target on the company’s stock, warning of a lower earnings outlook for 2024 and 2025. “Lower earnings have been the story since the merger, and the trend limits future multiple expansion,” analyst Steve Cahall wrote in a Monday…

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