UPDATE: Pivotal Research Group Upgrades Discovery Communications on 2014 Targets

In a report published Monday, Pivotal Research Group analyst Brian Wieser upgraded Discovery Communications 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.