Media company Paramount Global (NASDAQ:PARA)(NASDAQ:PARAA) reported first-quarter financial results that saw revenue miss Street consensus estimates and earnings per share come in ahead of estimates. The company also announced a CEO change with Bob Bakish stepping down.
Analysts react to the report and what’s next for the company.
The Paramount Analysts: Bank of America analyst Jessica Reif Ehrlich had an Underperform rating and $9 price target.
KeyBanc Capital Markets analyst Brandon Nispel had a Sector Weight rating and no price target.
Needham analyst Laura Martin issued a downgrade from Buy to Hold and no price target.
Benchmark analyst Daniel Kurnos had a Buy rating and $19 price target.
Related Link: CNBC Host Finds Paramount Earnings Call Lasted Just As Long As Led Zeppelin’s ‘Stairway To Heaven’ But Only One Included ‘Tidbit Of CEO Getting Fired’
Bank of America on Paramount: The first-quarter earnings report and conference call left a lot of unanswered questions, Ehrlich said.
"Concurrent with the company's highly anticipated 1Q earnings release, Paramount Global announced their CEO, Bob Bakish, is stepping down and being replaced by a 3-person team of George Cheeks, Chris McCarthy and Brian Robbins," Ehrlich said.
The analyst said there was no update from the company on its ongoing potential merger activity. Ehrlich said questions remain that include who is making the strategic decisions at the company, what the timing ...Full story available on Benzinga.com
Related tickers: PARA, PARAA.
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