09:45 AM EST, 02/29/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We think PARA holds attractive enterprise value, and we expect each unit to improve in 2024. We keep our target at $16 using a forward TEV/EBITDA of 7.6x, vs. the 10.0x peer average. We keep our 2024 EPS view at $1.15 and set 2025's at $1.30. We forecast total revenue of $30.1B in 2024 and $31.4B in 2025. PARA posted Q4 2023 GAAP EPS of $0.77 and $7.6B in revenue. The impact of the two labor strikes (actors' and screenwriters' guild unions) hurt new programming, but benefited FCF to $443M. TV Media (68%) posted a 12% Y/Y decline in OIBDA with similar revenue down as the biggest drag came from weaker licensing fees. Filmed Entertainment (8%) declined 31% and OIBDA was $24M with difficult comps. The Direct To Consumer (DTC) unit (24% of total revenue) realized a $490M OIBDA loss vs. -$575M a year ago, but revenue rose 34% with Q4 net adds up 4.1M (2.7M in Q3) to 67.5M subscribers. PARA realized higher ARPU (+31% Y/Y) for Paramount+ with price hikes. We like the $1.0B one-time charge to drive efficiencies.