UPDATE: Pivotal Research Group Initiates Discovery Communications at Hold

Pivotal Research Group initiated its coverage on Discovery Communications DISCA with a Hold rating and a price target of $58 a share. Pivotal Research Group noted, "We view Discovery as a solid company, with strong brands and highly favorable operating and financial metrics. However, Discovery is also a story that is generally well-understood and priced accordingly. We believe the international aspects of Discovery's businesses warrant ongoing exploration given the lack of familiarity that many investors have with television markets outside of the United States." Discovery Communications closed at $54.84 on Friday.