Paramount (NASDAQ:PARA) stock is on the move Tuesday after the entertainment company got an upgrade from Bank of America.
Analyst Jessica Reif Ehrlich is behind today’s upgrade, which bumps shares of PARA stock up from a “neutral” rating to a “buy” rating. For comparison, the analysts’ consensus rating for PARA is “hold” based on 19 opinions.
In addition to that, the Bank of America analyst increased her price target for PARA stock from $24 per share to $32 per share. That represents a potential 54.1% increase in the company’s stock. For the record, the analysts’ consensus price target for PARA is $22.45.
What’s Behind the Bullish PARA Stock Upgrade?
Here’s what Ehrlich said in a note to clients obtained by CNBC:
“It is our view that PARA has a unique collection of assets that would generate significant buyer interest if ever put up for sale—either in pieces or whole. Recent press reports (Reuters and others) suggest there is interest from at least four qualified buyers for BET.”
With the new rating comes some 6.8 million shares of PARA stock changing hands as of this writing. That’s still below the company’s daily average trading volume of about 11.4 million shares.
PARA stock is up 4.7% as of Tuesday morning and is up 27.2% since the start of the year.
Investors looking for more of the latest stock market news will want to keep reading!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
