BMO Capital analyst Daniel Salmon downgraded ViacomCBS (VIAC) to Underperform from Market Perform with a price target of $70, up from $60.

Paramount+ will drive the subscription narrative and the new product may face short-term challenges as the pandemic wains and competitors like Peacock offer differentiated content like the Summer and Winter Olympics in the next twelve months, Salmon tells investors in a research note. Further, over the longer term, the analyst expects licensing revenue declines and sees risk of downward revisions.

He believes shares of ViacomCBS have "run too far" after closing Friday up $8.90 to $94.94.