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Warburg downgrades Par rating

New York investment bank S.G. Warburg & Co. downgraded its rating of Paramount Communications shares to “reduce” from “hold” Friday, and recommended that investors switch out of the stock into shares of Time Warner or Grupo Televisa of Mexico.

Warburg analyst Lisbeth Barron said she reduced her Paramount earnings estimate from $ 2.65 a share to $ 2.40 a share for 1993.

“The stock is probably going to trade within a narrow range, $ 40 to $ 45 a share, for the next year,” she predicted. She dubbed a Paramount investment “dead money for the year,” and said investors would be better off in another stock.

Barron also noted the studio’s film lineup was “weak” as it adapts to a new management team.

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