Up 57% and Climbing, This Stock Is Still a Bargain Buy in 2023
Warner Bros. Discovery (NASDAQ: WBD) had a challenging first year, forming when WarnerMedia and Discovery merged in April. The company's stock plunged 62% throughout 2022 as macroeconomic headwinds and controversial restructuring moves spooked investors.
However, the shares have skyrocketed in 2023, climbing 57% since Jan. 1, as Wall Street has grown bullish on the prospects of a new year. Despite the swift rise, the stock could still have a long way to go and make an excellent investment. Here's why.
Last year, Warner Bros. Discovery took a lot of heat for essentially taking a hammer to its business as it canceled multiple projects, let go top execs, and removed countless programs from its library in favor of tax write-offs. The company was stripping down its business, prioritizing only the most profitable parts. This method has led Warner Bros. Discovery to refocus on theatrical releases, merging its two streaming platforms, and bringing on new leadership in its DC film department.
Source Fool.com
