Benzinga | Nov 1, 2021 01:32PM EDT

Bernstein Upgrades Discovery, Cuts Price Target By 7%

* Bernstein analyst Todd Juenger upgraded Discovery Inc (NASDAQ:DISCA) to Market Perform from Underperform with a price target of $26, down from $28, implying a 5.7% upside.

* The analyst continues to see a long list of grave concerns. Still, the market seems also to share those concerns and has driven the stock price down to a level where he can no longer argue that the risk/reward for investors skews significantly negative from here.

* Juenger believes the market is already pricing the stock to miss its streaming revenue guide, EBITDA guide, or both.

* Discovery is one of the largest global media providers, with over 2 billion cumulative subscribers in over 220 countries.

* Price Action: DISCA shares traded higher by 4.52% at $24.50 on the last check Monday.