While seemingly nobody likes the name “Max” for the new HBO Max, Wall Street responded to Wednesday’s rebrand with an bigger “meh” than most.
On April 12, aka Max Day, shares in Warner Bros. Discovery (Wbd) opened at $15.08. By Thursday’s close, even with the benefit of an afternoon rally, Wbd closed at $14.04. That isn’t a big dip on a per-dollar basis, but it charts Wbd shares down nearly 7 percent. In the same timeframe, the S&P 500 rose a hair.
As the 2009 Warner Bros. rom-com would say, Max, “[They’re] Just Not That Into You.”
Even with the decline, certain media analysts would tell you Wbd shares are still overpriced. On April 13, New York City-based Rosenblatt Securities sent a note to investors, obtained by IndieWire, which reiterated Wbd as a “Sell” stock with a long-term price target of just $11 per share.
These analysts were not overly impressed with the big Max reveal,...
On April 12, aka Max Day, shares in Warner Bros. Discovery (Wbd) opened at $15.08. By Thursday’s close, even with the benefit of an afternoon rally, Wbd closed at $14.04. That isn’t a big dip on a per-dollar basis, but it charts Wbd shares down nearly 7 percent. In the same timeframe, the S&P 500 rose a hair.
As the 2009 Warner Bros. rom-com would say, Max, “[They’re] Just Not That Into You.”
Even with the decline, certain media analysts would tell you Wbd shares are still overpriced. On April 13, New York City-based Rosenblatt Securities sent a note to investors, obtained by IndieWire, which reiterated Wbd as a “Sell” stock with a long-term price target of just $11 per share.
These analysts were not overly impressed with the big Max reveal,...
- 4/13/2023
- by Tony Maglio
- Indiewire
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