UPDATE: Citi Upgrades Discovery Communications (DISCA) to Buy

May 17, 2021 5:30 AM EDT
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Price: $29.51 --0%

Rating Summary:
    11 Buy, 21 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 5 | Down: 1 | New: 29
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(Updated - May 17, 2021 6:10 AM EDT)

Citi analyst Jason Bazinet upgraded Discovery Communications (NASDAQ: DISCA) from Neutral to Buy with a price target of $44.00 (from $40.00).

The analyst comments "Over the weekend, CNBC reported that AT&T’s WarnerMedia segment and Discovery may merge in a publicly-traded company co-owned by AT&T and Discovery shareholders. We believe a transaction makes sense for both AT&T and Discovery. AT&T could improve its financial flexibility to invest in the communications segment, maintain the dividend, and improve the strategic positioning of WarnerMedia. We maintain our Buy rating on AT&T. For Discovery, it could bring much needed scale to its standalone direct-to-consumer offer, while retaining positive optionality for competing bids. As such, we are upgrading Discovery from Neutral to Buy."

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 $35.65 yesterday.

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