VIACA - ViacomCBS lower alongside mixed reactions to Paramount Plus event

ViacomCBS ([[VIAC]] -3.4%, [[VIACA]]] -3.4%) is lower today - against a market sell-off, though it is a laggard even among entertainment stocks - the day after its major event launching Paramount Plus, the vessel that holds its streaming ambitions. Guggenheim has responded with a price target boost, to $74 from $50 (implying 17% upside), in reiterating its Buy rating. It thinks Paramount Plus is well positioned to take on already-established rivals with a "substantial" content budget of about $15B. Morgan Stanley is a bit more cautious, maintaining an Equal Weight rating and a $55 price target (13% downside from current price). ViacomCBS is well positioned with its content portfolio and a unique strategy, and will benefit from tailwinds for streaming - but it's entering an increasingly competitive and capital-intensive space, the firm says. Meanwhile, turning to valuation, some streaming value is clearly embedded in the share price - which has

For further details see:

ViacomCBS lower alongside mixed reactions to Paramount Plus event