Paramount Global (NASDAQ:PARA)  was cut to hold from buy at Deutsche Bank on risks to the advertising outlook and more attractive investment alternatives.

``We see the risk/reward as more balanced now, especially in light of what we see as increasing risk to the advertising outlook due to macroeconomic factors," Deutsche Bank analyst Brian Kraft, who also cut the Paramount (NASDAQ:PARA) price target to $12 from $15, wrote in a note. 

Kraft had believed that Paramount (PARA) shares were attractive, with Class B holders entitled to sell half of their shares for $15 in the Skydance deal, though the advertising outlook is now more uncertain due to macroeconomic factors. 

Companies that are in a better position to weather a cyclical downturn include Fox (FOXA) and Formula One (FWONA) or have more attractive valuations, with more clarity into their outlooks  include Warner Bros. Discovery (WBD) and Disney (DIS).

Shares of Paramount (PARA) ticked lower by 0.4% on Wednesday.