Warner Bros Stock Downgraded to "Underperform"

The stock is struggling to remove itself from its early-March lows

Laura McCandless

Deputy Editor

Apr 23, 2024 at 10:38 AM

Warner Bros Discovery Inc (NASDAQ:WBD) was downgraded by Wolfe Research to "underperform" from "peer perform" this morning. The firm currently holds a $7.00 price target on the stock, which is a slight discount to current levels.

WBD has rebounded from its post-bear note dip, however, now up 1.1% at $8.56. Still hovering near its recent 15-year low of $8.02 on March 5, the broadcasting name is down roughly 25% since the start of the year.

Though calls are still winning out on an absolute basis, puts are more popular than usual in the options pits of late. This is per WBD's 10-day put/call volume ratio of 0.81 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which sits higher than 92% of readings from the past year.

Analysts are now exactly split on Warner Bros stock, with 14 of the 28 in coverage carrying a "buy" or better, and 14 a "hold" or worse. It's also worth noting that short interest represents 5% of the stock's available float.

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