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Fly News Breaks for February 21, 2020
Feb 21, 2020 | 07:24 EDT
JPMorgan analyst Alexia Quadrani lowered the firm's price target on ViacomCBS to $40 from $45 and keeps an Overweight rating on the shares. The stock traded down over 15% yesterday after the company's Q4 results were below consensus estimates, Quadrani tells investors in a research note. However, the estimate reset, buybacks, asset sales, potential virtual multichannel video programming distributor carriage and more clarity on the direct-to-consumer strategy should drive upside from here, adds the analyst.