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Wells Fargo analyst Stephen Cajor has added Spotify (NASDAQ: SPOT) and Paramount Global (NASDAQ: PARA) to his list of tactical ideas for the second quarter of 2023.
Such behavior usually resembles an analyst’s belief that a company’s stock will outperform the market in the short term.
Cahall echoed his overweight rating and price target of $180 per share on SPOT stock.
“We expect SPOT to outpace our expectations of margin expansion within the next 18 months. We’ll be the buyer if ‘sells the news’),” the analyst wrote in a client note.
Meanwhile, Cahall reaffirmed his underweight rating because PARA’s price target of $11 a share implies about 50% downside risk.
“PARA is in the crosshairs of media sector challenges. Positive FCF guidance looks tough next year but sees risks of correction. high, and PARA is trading at a premium over WBD,” added Cahall.
Senad Karametovich
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