Warner Bros. Discovery Stock Falls On Analyst Rating

Warner Bros. Discovery Inc. WBD shares are trading lower on Wednesday. Rosenblatt Securities maintained a Sell rating on the stock.

What To Know: Rosenblatt analyst Barton Crockett reiterated Warner Bros. Discovery with a Sell and maintained the $10 price target.

Crockett noted Warner Bros. Discovery's 8K filed Wednesday morning, specifically the company's lowering of its 2023 AEBITDA guidance to between $10.5 billion and $11.0 billion, from the low-end of between $11.0 billion and $11.5 billion, mainly due to the impact of the strikes in which the company is embroiled.

The company raised its 2023 FCF guidance to at least $5.0 billion, from between $4.5 billion and $5.0 billion, and third-quarter to greater than $1.7 billion from $1.7 billion, "in part due to the strong performance of Barbie as well as the incremental impact from strike-related factors."

Risks cited by Crockett included such things as the loss of NBA media rights, which are up for renewal in 2025.

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WBD Price Action: Shares of WBD were down 0.35% at $11.45 at the time of publication, according to Benzinga Pro.

Photo: ai subarasiki from Pixabay