UPDATE: Bank Of America Downgrades Discovery Communications Inc.

In a note released Thursday morning, Bank of America analyst Jessica Cohen downgraded shares of Discovery Communications Inc. DISCA from Buy to Neutral and cut the price target from $50 to $41.

Cohen explained the downgrade comes due to concerns that near-to-medium-term of U.S. ratings headwinds and foreign exchange pressure will constrain the stocks upside potential over the same period.

Despite her concerns for the near-term, Cohen appears optimistic for the company's long-term growth. As drivers for long-term growth, Cohen cited global affiliate fee gains, SVOD potential, advertising growth, emerging network upside, favorable capital allocation efforts and solid management/execution.

Amid the downgrade, shares of Discovery Communications have fallen less than one percent.