Charter is planning to fully launch its direct-to-consumer (DTC) distribution to its cable customers in 2025. This could allow Warner to increase its subscribers by tapping into Charter’s cable customers. HBO Max will be a “preferred partner” for Charter, presumably putting the app in the spotlight when it comes to marketing its DTC platform.

Turning to Wall Street, WBD has a Moderate Buy consensus rating based on 10 Buys, six Holds, and one Sell assigned in the last three months. At $12.50, the average Warner Bros. price target implies 63.2% upside potential. Shares of the company have declined about 13.55% in the past six months.