BofA/Merrill Lynch Downgrades Discovery Communications (DISCA) to Neutral

BofA/Merrill Lynch downgraded Discovery Communications (NASDAQ: DISCA) from Buy to Neutral with a price target of $41.00 (from $50.00).

Analyst Jessica Reif Cohen said near-to-medium-term upside appears constrained by U.S. ratings headwinds and FX pressures.

"Although we expect DISCA's LT value creation to remain driven by global affiliate fee gains, SVOD potential, advertising growth, emerging network upside, largely favorable capital allocation efforts and solid management/execution, we believe shares will likely be range bound until ratings/FX headwinds subside," the analyst said.

For an analyst ratings summary and ratings history on Discovery Communications click here. For more ratings news on Discovery Communications click here.

Shares of Discovery Communications closed at $36.31 yesterday.

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