VIACA - Gabelli joins ViacomCBS upgraders after stock halves its value

Add Gabelli to the names upgrading ViacomCBS ([[VIAC]] +3.7%, [[VIACA]] +4.8%) today following the stock's sudden return to earth after previously leading S&P 500 gainers for 2021. Shares have tumbled for five straight trading sessions, and are down just over 50% from their close on March 22. That halving has made Gabelli's John Tinker positive and upgrading to Buy from Hold; the firm had downgraded the stock two weeks ago when it closed at $96.33. A lot of the sell-off has been attributed to the company's equity raise announcement, though Tinker notes that shows management is executing rapidly. Credit Suisse upgraded earlier after seeing value in the pullback, while MoffettNathanson still says Sell.

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Gabelli joins ViacomCBS upgraders after stock halves its value