Warner Bros Discovery Stock Sinks on Analyst Coverage

Analysts were split towards the security coming into today

Jake Scott

Deputy Editor

Jun 16, 2022 at 10:31 AM

Warner Bros Discovery Inc (NASDAQ:WBD) is down 7.6% at $13.72 this morning, after J.P. Morgan Securities resumed coverage of the equity with a "neutral" rating, as well as a $22 price target, noting the macroeconomic environment could pressure ad spending. The brokerage also highlighted waning direct-to-consumer enthusiasm, casting doubt over the company's ability to scale services internationally.

Coming into today, analysts were split on Warner Bros Discovery stock, with seven rating it a "strong buy," against six at a "hold" or worse. What's more, the 12-month consensus price target of $33.85 is a staggering 147% premium to current levels, meaning more bear notes could be on the horizon.

The security is today pacing for its sixth loss in seven sessions, as well as its lowest close since August 2009. The 30-day moving average has been pressuring shares lower since April, with yesterday's rally losing rally at the $15 mark. Year-over-year, Warner Bros Discovery stock is down roughly 55%.

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