UPDATE: Barrington Research Downgrades Discovery Communications

According to a research report published this morning, Barrington Research has downgraded Discovery Communications

from Outperform to Market Perform. In the report, Barrington Research said, "We continue to view Discovery Communications as exceptionally well positioned and successful among all cable channel providers both domestically and internationally. We continue to believe in this story and expect its momentum to persist. This rating change is a valuation decision. DISCA achieved our $54 target before a slight dip as earnings were announced. Our target price valuation has not changed significantly, so we expect near-term upside will be more limited until either some additional earnings upside factors develop and/or valuation and time frame issues restore a situation in which the expected value on the stock would offer greater upside over our one-year forward time frame." Discovery Communications is currently trading at $51.16.