Paramount Faces PayTV Declines, But Streaming And Licensing Gains Prompt Analyst Estimate Revisions

JP Morgan analyst David Karnovsky maintained an Underweight rating on Paramount Global (NASDAQ:PARA) with a price target of $11.

PayTV declines continue to be a considerable headwind. While DTC execution has been solid, Karnovsky expects losses through 2026, weighing on total company OIBDA and free cash flow.

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Following fourth-quarter earnings, Karnovsky updated estimates for Paramount.

Paramount affirmed its expectation for Paramount+ to reach full-year domestic profitability in 2025, supported by the upcoming slate and continued ARPU acceleration. The service saw improved engagement in the fourth quarter, with global watch time up 20%, leading to a 100 bps …

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