Keep an eye on Warner Bros. Discovery (WBD).
Formed when AT&T spun off Warner Media, which then combined its assets with Discovery, we could be looking at the next digital entertainment giant.
Analysts seem to like the stock on its debut, as well.
In fact, Bank of America analyst Jessica Reif says, “The combination of these highly complementary assets, has the potential to create a global media powerhouse. If you step back, this is probably going to be the broadest offering the market has yet to see,” as quoted by Yahoo Finance.
Deutsche Bank raised its target to $48, naming Warner Bros. Discovery a top pick. Atlantic Equities upgraded the stock to Overweight, with a $40 price target. Evercore ISI analyst Vijay Jayant upgraded the stock to “Outperform” with a $45 target.
Last checked, WBD traded down 72 cents on the day at $23.75 thanks to a broad market pullback. From here, we’d like to see the stock closer to $30, near-term.