Macquarie analyst Tim Nollen maintained an Outperform rating on Warner Bros. Discovery, Inc (NASDAQ: WBD) with a $20 price target.
WBD announced reducing its guidance for FY23 adjusted EBITDA from the low end of $11 billion - $11.5 billion to a range of $10.5 billion - $11 billion due to the ongoing writers' and actors' strikes.
Related: Hollywood Strike Impact - Warner Bros. Discovery Revises Annual Outlook
As of the Q2 earnings call, WBD expected to resolve these strikes by September, so the company revised guidance with no end in sight.
Prolonged strikes already mean a weaker content slate in Q4, impacting all divisions.
On the flip side, the company also ...