It’s time to sell shares of Paramount , as investors can expect greater macro challenges ahead for the legacy media company, according to JPMorgan. “Today we downgrade Paramount to Underweight from Neutral with a $25 price target due to softer DTC revenue and higher losses this year, as well as an expectation of weakening EBITDA and cash flow over the next year,” JPMorgan analyst Philip Cusick wrote in a note Friday. Paramount posted a robust second-quarter earnings report, boosted by revenue from “Top Gun: Maverick,” but falling income and free cash flow weighed on results for investors. Paramount will have to step up investments in streaming, which will continue to hurt the company’s EBITDA and free cash flow, the analyst said. The media company, previously known as ViacomCBS, is dealing with a competitive streaming environment, an uncertain outlook for the film industry and…