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Discovery: Upgrading to Buy From Hold -- Pivotal Research

Discovery: Upgrading to Buy From Hold -- Pivotal Research

Author

Brian Wieser photo

Brian Wieser

Publish date

June 04, 2018

Channel

Wall St. Speaks Out
2 15

We are updating our Discovery model, raising our target price to $28 on a YE2018 basis from $24 previously, and upgrading the stock from Hold to Buy. While there are many legitimate concerns about the company’s strategic position vs. its peers and around the industry in which it operates, at current trading levels upside potential is too significant to ignore. As well, as a still-relatively smaller player in a consolidating sector, we can imagine benefits to the stock from future M&A activity whether because Discovery is itself eventually bought at a premium or because it acquires other assets and realizes further synergies beyond those generated by the Scripps transaction.

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Brian Wieser photo

Brian Wieser

Brian Wieser is a Senior Analyst at Pivotal Research Group, where he covers securities which are impacted by the advertising economy, including Facebook, Google, Yahoo, Interpublic, Omnicom, WPP, Publicis, Nielsen, CBS, Viacom and Discovery Communications. B… read more

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