UPDATE: Bernstein Research Reiterates on Discovery Communications on Very Bullish Outlook

In a report published Tuesday, Bernstein Research analyst Todd Juenger reiterated an Outperform rating on

, and raised the price target from $98.00 to $103.00. In the report, Bernstein Research noted, “Last Thursday, Discovery reported another typical quarter, in the sense that reasonable people can draw different conclusions from it. We look at the fresh data points and see strong evidence that core growth drivers continue to deliver (for once, the market's immediate reaction agreed, although it has given back much of the gains since). Others see the EPS miss and say ‘Discovery missed again', and wonder why repeated quarterly misses don't dampen our enthusiasm for the stock. The reason we remain so bullish is twofold. First, we believe Discovery has a sustainable competitive advantage (keyword: ‘sustainable'), including low-cost position, entrenched international distribution advantage, strong brands, and low domestic affiliate fee starting point. Second, we believe Discovery's management is smartly adding to its advantaged platforms to set the company up for continued growth.” Discovery Communications closed on Monday at $87.07.