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Why ViacomCBS Shares Fell 40% Today

TheMotleyFool

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Shares of media company ViacomCBS (NASDAQ: VIAC) fell as much as 40% on Friday after being downgraded by an analyst. At 2:40 p.m. EDT, shares were still down 33.1% and heading for a very poor end to the week.

Wells Fargo analyst Steven Cahall was the one driving the drop today, lowering his rating on ViacomCBS stock to underweight and lowering the price target from $82 to $59 per share. That one-year price target is well below the $66.35 per share that the stock ended at yesterday.

Image source: Getty Images.

Source Fool.com

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