Wolfe Research upgraded Warner Bros. Discovery (NASDAQ:WBD) to "peer perform" from "under perform," seeing a balanced risk/reward opportunity even with the $40B in gross debt for the company. They said that re-bundling and partnership trends at Max would also create a plausible path to stable total company EBITDA.

Warner Bros Discovery CEO David Zaslav anticipates a friendlier environment for deal-making under the incoming Trump administration, opening the door to industry consolidation, he said on Thursday.

Warner Bros. Discovery achieved its first company-wide profit post merger. Read more about recent earnings and what to expect from this media giant in 2025.

Warner Bros. Discovery stock rose on momentum in the Max streaming biz and the potential for Trump to grease the wheels for industry consolidation.

Warner Bros. Discovery's Max serves fewer ads per hour compared to other streaming platforms.

Warner Bros. Discovery posted better-than-expected earnings as its Max streaming service set a record for new subscribers, sending shares higher Thursday.

Investing.com - Wolfe Research has upgraded shares of Warner Bros. Discovery (NASDAQ:WBD) to Peer Perform from Underperform following its Q3 results last week, and assigned a fair value range of $5-$16 based on multiple scenarios driving a range