BUZZ-Paramount Skydance jumps after Morgan Stanley double upgrade
Netflix, Inc. NFLX | 0.00 | |
Paramount Skydance PSKY | 0.00 | |
Warner Bros Discovery WBD | 0.00 | |
Amazon.com, Inc. AMZN | 0.00 | |
Walt Disney Company DIS | 0.00 |
Updates
** Media giant Paramount Skydance's shares PSKY.O climb 8.7% to $11.15
** Morgan Stanley upgrades to "overweight" from "underweight"; raises target price to $14 from $11
** New PT represents 36.7% upside from stock's last close
** Brokerage calls proposed acquisition of Warner Bros Discovery WBD.O "a big, bold and game-changing move" that would position the combined entity with "some of the best IP in the world (GoT, LoR, Potter, DC)" along with a tech-forward approach
** Says the combined subscriber base, ex-overlapping subs, would rank number 4 behind Netflix, Amazon, Disney+
** Despite calling it their "riskiest and most out-of-consensus call", Morgan Stanley sees favorable risk/reward skew with >80% upside to $20 bull case versus ~20%-25% downside in a no-deal scenario
** Including session's moves, stock down about 16.9% YTD, underperforming S&P 500's .SPX 5.9% rise over the same period