ViacomCBS: Up after laying out plan for streaming service; 4 brokerages raise PTs

Paramount Global

25/02/2021 16:28

** Shares of media co  VIACA.O  rise as much as 3.4% to
$67.77
    ** At least 4 brokerages raise PTs after VIACA lays out
plans for its streaming service
    ** VIACA said it expects to reach as many as 75 mln global
streaming subscribers by the end of 2024, with global streaming
revenue rising to more than $7 bln by that time 
    ** "We see the co as well positioned among peers, with a
$15bn total content budget target, $5bn of which will be
allocated specifically to the differentiated sports/news
entertainment streaming service," says Guggeinheim; hikes PT to
$74 from $50
    ** Guggenheim adds that Paramount+ provides an effective
discovery and monetization vehicle for the company's deep
programming library
    ** Brokerage Needham, which raises PT to $80 from $55, says
VIACA's streaming assets are material and growing
    ** Co also reported its Q4 results on Wednesday  urn:newsml:reuters.com:*:nL4N2KU571
    ** Current avg. rating of 18 analysts is "hold" and median
PT $39 - Refinitiv data
    ** Up to Wednesday's close, stock had more than doubled in
last 12 months

 (Reporting by Tiyashi Datta in Bengaluru)
 ((tiyashi.datta@thomsonreuters.com))