UPDATE: Citi Upgrades Discovery Communications (DISCA) to Buy
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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."
Shares of Discovery Communications closed at $35.65 yesterday.
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