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Discovery Communications down 2.5% as UBS downgrades to Sell

Apr. 28, 2015 11:06 AM ETWarner Bros. Discovery, Inc. (WBD) StockWBDBy: Jason Aycock, SA News Editor
  • Discovery Communications (NASDAQ:DISCA) is off 2.5% as UBS downgrades to Sell, from Neutral, pointing to the company's end-of-June renewal talks with Comcast.
  • A few factors affect the renewal, the analysts note. Comcast is likely to focus more on fundamentals now that its buyout of Time Warner Cable is off, and Discovery lacks sports coverage that would give it more leverage.
  • UBS puts a 50% probability on price downside for DISCA coming out of the talks (vs. an uneventful renewal).
  • The analysts cut their price target to $30.50 from $33. Shares are trading now at $31.45. Discovery stock is down 15.2% over the past six months.

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