Analyst: Paramount's Strong Assets Boost Value

PARA is down 46% in the last 12 months

Deputy Editor
Mar 28, 2023 at 9:17 AM
facebook X logo linkedin


Paramount Global (NASDAQ:PARA) stock is 6% higher in premarket trading, following an upgrade from Bank of America. The Wall Street broker upgraded the legacy media giant's shares to "buy" from "neutral," and hiked its price target to $32 from $24. Bank of America cited Paramount's strong assets, which could benefit the company's value should the business be put up for sale.

There's plenty of room for additional an unwinding of pessimism on PARA. Coming into today, 14 of 20 covering brokerages rated the equity a "hold" or worse. Further, short interest jumped 8.2% over the last month, and the 89.72 million shares sold short account for 15.6% of Paramount Global stock's available float.

It's a similar theme among options traders. The security's Schaeffer's put/call open interest ratio (SOIR) of 1.27 that stands in the 89th percentile of annual readings, short-term options traders have rarely been more put-biased over the past year.

Should today's premarket gains hold, PARA will open at its highest level in three weeks, though it remains below a post-earnings pullback level from February. The shares' 200-day moving average could also be tested today. Year-over-year , the stock is down 46%.

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI