UPDATE: UBS Raises PT to $45 on Discovery Comm

UBS raises its target on Neutral-rated Discovery Comm

as strong growth from Q4 continues into Q1. UBS notes, "Scatter pricing strong, cancellations in line with yr ago, and 1Q guidance for low DD U.S. ad growth. Int'l ad growth expected to remain strong despite headlines out of Europe. We are raising our 1Q U.S. est to +12% (vs. prior +8%). For the year, '12 guidance: Rev of $4.45-4.575B (inline/ above UBSe), OIBDA of $2.05-2.15B (in-line w/ UBSe), and net income of $0.98-$1.08B (below primarily due to OWN). We are raising our rev on stronger ad growth, but leaving OIBDA essentially unchg, assuming slightly higher exp. growth, which is more 1H-wtd."