Market Overview

UPDATE: Pivotal Research Group Upgrades Discovery Communications on 2014 Targets

Related DISCA
Barclays Initiates Coverage On Media Sector, Does Not See Much Upside
BTIG Downgrades Viacom And Discovery Communications
Binge Watching, Sports at Center of Fox Bid for Time Warner (Fox Business)

In a report published Monday, Pivotal Research Group analyst Brian Wieser upgraded Discovery Communications (NASDAQ: DISCA) from Sell to Hold, and raised the price target from $70.00 to $82.00.

In the report, Pivotal Research Group noted, “We are rolling out our quarterly estimates and year-end 2014 price targets on several of the companies we cover, including Discovery Communications. Our new price target on Discovery is $82 for year-end 2014, up from $70 for year-end 2013. We had recently downgraded the company to Sell, as the price had simply become too expensive to justify, regardless of its favorable combination of top-tier management, strong earnings growth and exposure to the growing global TV market. However, with the stock off its highs and our new price target now reflecting year-end 2014 (and thus incorporating the mechanical flow-throughs of valuation caused by a reduced share count and a year's worth of capital costs) we return to a Hold rating.”

Discovery Communications closed on Friday at $82.19.

Posted-In: Brian Wieser Pivotal Research GroupAnalyst Color Upgrades Analyst Ratings

 

Most Popular

Related Articles (DISCA)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters