Discovery (WBD) is “on a path – with certainty – to split the company,” with the separation expected to close in early 2026. In a note Tuesday, BofA argued that “unbundling appears to be [the] most likely option,” and reiterated a Buy rating while raising its price objective to $24 from $16. According to BofA, splitting Warner into standalone entities could unlock significant value. BofA forecasts 3Q revenue of $9.13 billion, down 5% year-on-year, and adjusted EBITDA of $2.26 billion, down 7%. For 2025, BofA maintained its adjusted EBITDA estimate of $8.63 billion and free cash flow projection of $3.15 billion.