Argus Downgrades Paramount Global (PARA) to Sell
Argus analyst Joseph Bonner downgraded Paramount Global (NASDAQ: PARA) from Hold to Sell.
The analyst comments "We are downgrading Paramount Global (NGS: PARA) to SELL. Paramount is in play and a possible sale would normally be a positive for shareholders who might expect some type of premium to the market share price. However, in Paramount’s case, the sale process appears to have become something of a fiasco. Both we and the market question the process, given the departure of both board members and the CEO. PARA shares will likely now trade on the prospects for a merger. We leave PARA to the M&A arbs."
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Shares of Paramount Global closed at $13.86 yesterday.