B.Riley FBR analyst Barton Crockett maintained a Hold rating on Discovery Inc (DISCA) yesterday and set a price target of $24. The company’s shares opened today at $33.17, close to its 52-week high of $34.89.
“Discovery’s (DISCA-Neutral, $24 PT) 3Q18 earnings report featured much stronger adj. OIBDA than we anticipated, fueled by an uptick in U.S. ad growth, and upside in international margins. The outlook to us looks mixed, with U.S. ad looking better than we modeled, but U.S. distribution and international revenue light. Still, Discovery’s ability to defy secular pressures and grow domestic ads, increase direct to consumer, and expand global footprint, while extracting meaningful Scripps merger synergies, remains impressive, in our view.”
According to TipRanks.com, Crockett is a 4-star analyst with an average return of 4.3% and a 54.6% success rate. Crockett covers the Services sector, focusing on stocks such as Liberty Media Corporation Series A Liberty SiriusXM Common Stock, Lions Gate Ent Corp Cl A, and Qurate Retail Group Inc.
Currently, the analyst consensus on Discovery Inc is a Moderate Buy with an average price target of $35.31, implying a 6.5% upside from current levels. In a report issued on October 26, Barclays also maintained a Hold rating on the stock with a $27 price target.
Based on Discovery Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $2.84 billion and net profit of $210 million. In comparison, last year the company earned revenue of $1.66 billion and had a net profit of $218 million.
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Discovery, Inc. is a media company, which engages in the provision of content across distribution platforms and digital distribution arrangements. It operates through the following segments: U.S. Networks, International Networks, and Education and Other.