Needham & Company Remains Sidelined on Discovery Communications (DISCA)
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Needham & Company reiterated a Hold rating on Discovery Communications (NASDAQ: DISCA) after adjusting estimates ahead of 3Q earnings release. Needham lowered revenue estimates to $1.56B. Adjusted EPS of $0.44 is 3% lower than previous estimates. DISCA will report 3Q16 earnings on Tuesday, November 1.
Analyst Laura Martin commented, "We lower our 3Q16 estimates to revenue of $1.56B (up 2% y/y and 1% below previous estimates), EPS Available to DISCA Shareholders of $0.40 (down 5% y/y and 4% below previous estimates), and Adjusted EPS of $0.44 (down 5% y/y and 3% lower than previous estimates). Our changes reflect lower advertising revenue expectations for both domestic and international segments. Our lower revenue estimates reflect comments made by DISCA management at a recent investor conference. These changes impact our FY16 estimates and we now expect revenue of $6.585B (up 3% y/y and 0.2% below previous estimates), and EPS Available to DISCA Shareholders of $1.96 (up 24% y/y and 0.5% below previous estimates). We also introduce our FY17 estimates of revenue of $6.93B (up 5% y/y), and EPS Available to DISCA Shareholders of $2.17 (up 11% y/y)."
Shares of Discovery Communications closed at $26.40 yesterday.
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