The firm said the media company should reconsider its strategy, with shares down more than 30% this year.
It's time to sell Paramount as it struggles with both its cable and streaming businesses, according to Wells Fargo. Analyst Steven Cahall downgraded shares of Paramount to underweight from equal weight, saying that his view on cable and streaming TV has worsened in the past few weeks. Cahall previously downgraded Paramount to equal weight earlier this month.
On the strategy, we think PARA is better off as an arms dealer or considering content/streaming asset sales, but we do not view those as likely ," he added. Shares of Paramount are down nearly 37% this year as the media company contends with cord cutting amid a broader transition to streaming. The analyst said those risks will only "continue to worsen in the years ahead," as he expects that streaming will "only be meaningfully profitable for the biggest scale players.
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