A day after two analyst peers touted the shares, Guggenheim's Michael Morris sees 31 percent upside in his report titled 'Chapter 2: Management Takes Control of the Story.'
Explained Morris: “We see an attractive narrative for the first half of 2023, with the impact of a recently announced domestic affiliate renewals, strong cost controls and the upcoming launch of a restructured Max product as key catalysts. Cost discipline at direct-to-consumer in particular should bolster confidence in the company’s ability to meet consensus 2023 earnings before interest, taxes, depreciation and amortization estimates and de-leveraging goals.
Morris also updated his streaming EBITDA forecasts for Warner Bros. Discovery’s fourth quarter 2022, 2023 and 2024. He now projects a 2023 loss of less than $1.24 billion, better than his previous loss estimate of $1.67 billion. Morris then sees WBD’s streaming business turning a profit to the tune of $76 million in 2024, for which he had previously projected a loss of $630 million.
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