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Citi upgrades ViacomCBS, sees 30% bounce in cheap stock as streaming outperforms

Signage on the ViacomCBS headquarters during a winter storm in New York, U.S., on Friday, Feb. 19, 2021.

Mark Kauzlarich | Bloomberg | Getty Images

ViacomCBS is ready for a bounce back after the stock lost more than half its value during the downfall of a highly levered investment fund, according to Citi.

Citi analyst Jason Bazinet upgraded the stock to buy from neutral on Tuesday night, saying that the company was being too cautious with its projections for its streaming video business and that its shares looked relatively cheap.

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