Goldman Sachs and Bank of America highlight an attractive 'risk/reward' profile, with the former designating the firm its 'favorite media stock.'
“We estimate that WBD is best positioned to drive EBITDA growth, ramp free cash flow and delever its balance sheet in 2023 as it pursues $3.5 billion of merger synergies and relaunches its flagship streaming service,” the Goldman expert wrote. “As such, while we expect investors to continue to debate the long-term outlook for traditional media companies, we see the risk/reward skew for WBD as most attractive versus its peer group with key execution catalysts largely within management’s control.
Meanwhile, Bank of America analyst Jessica Reif Ehrlich reiterated her “buy” rating and $21 price objective on the stock, while adding it to her company’s so-called “U.S. 1 list” of “best investment ideas.” In a report entitled “an improving narrative,” the Wall Street veteran predicted that “WBD’s fourth-quarter results will reflect choppy macro, but will be an opportunity for management to reset the narrative for ’23.
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