Discovery Buys Minority Stake in OpenAP

Discovery, Inc. (NASDAQ: DISCA) announced that it has bought a minority stake in OpenAP, an advertising company. The company has joined FOX, NBCUniversal and ViacomCBS in the joint venture.

With this deal, Discovery will be able to work better to build a technical framework that allows cross-platform audience-based buying and the creation of collaborative support for alternative currency standards.

Meanwhile, OpenAP is expected to grow the overall market for audience-based advertising and expand its services across cross-platform identity, measurement and planning.

The Executive Vice-President of Digital Ad Sales and Advanced Advertising at Discovery, Jim Keller, said, “Given our current momentum, influence and growth of audience-based sales, we believe Discovery can help further the work OpenAP has been doing to initiate meaningful change in the market.”

Stock Rating

Recently, Bank of America Securities analyst Jessica Reif Cohen upgraded the rating on Discovery to Buy from Hold with a price target of $45 (57.4% upside potential).

The rest of the Street is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 6 Buys and 4 Holds. The average Discovery price target of $37.56 implies 31.4% upside potential.

Website Traffic

TipRanks’ Website Traffic tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into Discovery’s performance.

According to the tool, the Discovery website recorded an impressive 595.4% monthly increase in global unique visits in December, compared to the previous year. Likewise, year-to-date, the website traffic has grown significantly against the same period last year. These encouraging numbers make discoveryplus.com one of the Top Trending Websites on TipRanks.

To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.

Read full Disclaimer & Disclosure

Download the TipRanks mobile app now

Related News:
Medtronic to Enhance Product Offerings with Affera
fuboTV Releases Preliminary Q4 Results; Shares Down 8.4%
Moderna Provides COVID-19 Vaccine Update; Shares Jump 9%