Warner Bros Stock Downgraded After Paramount Merger Delay

Warner Bros Discovery Inc (NASDAQ:WBD) stock is down 1.2% to trade at $25.45 today, after Seaport Research downgraded the media company to "neutral" from "buy." The analyst in coverage cited the delayed merger with Paramount Skydance (PSKY) as a headwind.

WBD is heading for its lowest close since Dec. 5. The shares are down 11.4% in 2026, with a slew of moving averages overhead since March. Longer term, the stock is up 89% in the last 12 months.

More bear notes could pressure the equity, considering WBD's 12-month consensus price target of $29.8 is now a 16.7% premium from its current perch. Options traders are out in droves today. At last look, over 84,000 contracts have changed hands in the first hour of trading, volume that's four times the average intraday amount. The October 25 put is the most popular, while new positions are being bought to open at the October 27 call.