UPDATE: Topeka Initiates Coverage on Discovery Communications

In a report published Friday, Topeka Capital Markets analyst David Miller initiated coverage on Discovery Communications DISCA with a Buy rating, establishing a $94.00 price target. According to the report, “DISCA is the almost-perfect blend between offense and defense in a still-questionable, albeit improving global macro backdrop,” the report noted. “The company's scaled international footprint, easily the most penetrated of any U.S.-based media company, allows for evergreen content to be leveraged across multiple platforms and, being all non-fiction based, is universal in appeal.” DISCA closed Thursday at $80.08.