By Sam Boughedda

Paramount World (NASDAQ:) was downgraded to Underperform and its value goal minimize to $24 from $49 by Wolfe Analysis analyst Peter Supino on Thursday.

The transfer got here as a part of a broader observe, with the analyst saying Paramount is late to streaming and “taking part in catch-up to realize share in an more and more aggressive ’22.”

The analyst argued that Paramount’s content material is a “tier under” that of Netflix (NASDAQ:), Disney (NYSE:), and Warner Bros (NASDAQ:), placing the corporate at a aggressive drawback versus the three “prerequisites.”

As well as, he feels the corporate’s portfolio of area of interest cable networks is “extra susceptible to secular headwinds in linear pay-TV, relative to key friends.”

Regardless of legendary investor Warren Buffett lately buying a stake in Paramount, Supino believes the corporate’s valuation is optimistic, and he’s not satisfied the corporate’s streaming funding will repay.

Paramount shares have dipped greater than 3% Thursday.