Paramount Global Class B PARA shares are trading lower by 5.4% to $13.02 Monday morning after B of A Securities analyst Jessica Reif Ehrlich downgraded the stock from Buy to Underperform and announced a $9 price target.
Paramount Global stock is also pulling back following last week's strength after the company's third-quarter financial report.
What Happened With Earnings Last Week?
Paramount Global exceeded expectations in its recent financial report, with adjusted earnings of 30 cents per share, surpassing the estimated 10 cents per share. They also outperformed in terms of quarterly revenue, with $7.13 billion compared to the expected $7.099 billion.
Additionally, Paramount's streaming services, Paramount+ and Pluto TV, experienced a substantial increase in global viewing hours by 46%. Paramount+ revenue grew by 61%, and they gained 2.7 million new subscribers in the third quarter, bringing their total subscriber count to over 63 million...Read More
According to data from Benzinga Pro, Paramount Global has a 52-week high of $25.93 and a 52-week low of $10.51.
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