UPDATE: Credit Suisse Raises PT to $68 on Discovery Communications on Domestic Ad Momentum

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Credit Suisse maintained Discovery Communications (NASDAQ: DISCA) with an Underperform rating and raised the price target from $62.00 to $68.00.Credit Suisse commented, "Continued domestic ratings momentum could result in upside to ad estimates, while better than expected rates on affiliate renewals could be a catalyst for 2014 ests. At international, we are looking for potential synergies from the SBS acquisition and continued growth prospects. … We are raising our 12-mo price target to $68 (from $62) on higher FCF estimates and long-term growth. However, our Underperform rating is mainly on valuation, as we believe the solid operating performance is priced in and the stock could pull back on ratings softness or any sign of a slowdown in the biz."Discovery Communications closed at $70.84 on Thursday.

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