Rosenblatt analyst Brian McTernan raised his price target on Discovery shares to $33 from $30 following the company's "strong" Q3 report, which he believes "checked an important box." He raised his 2020 free cash flow per share estimate by about 8% following the report, driven by higher international distribution revenue and higher buybacks, but he keeps a Neutral rating on the shares as McTernan anticipates Discovery's subscriber declines "will begin to look like the rest of the industry" in 2020 as it will no longer be benefiting from incremental carriage from virtual multichannel video programming distributor, or MVPDs.