Discovery backed by bank report
July 20, 2018
Discovery Communications had a good day on July 19th, rising an impressive 3.8 per cent in terms of its stock value, following a positive report on its prospects from investment bankers at Goldman Sachs.
The bank’s analyst Drew Borst upgraded its advice to investors to “Conviction Buy” and a guide price of $33.
However, not all analysts are agreeing either with the overall advice of the target price for the broadcaster’s share price. For example, Zacks Investment Research, while upgrading Discovery from a ‘Hold’ rating to ‘Buy’, but with a lower target price of $27.
Deutsche Bank, in its note to clients, also upgraded its advice to ‘Buy’ from ‘Hold’ and applies a $30 target price.
Discovery’s shares were trading as high as $26.69 on July 19th. The company’s lowest share price during the past year has been at $15.99.
Helping optimism overall is that John Malone bought almost $32 million’s worth of shares last month (at $23.44 per share), and Discovery’s CFO Gunnar Weidenfels invested in 10,000 shares recently (at $21.29 a share) and at a cost of $213,000.