Pivotal Research Group analyst Brian Wieser downgraded Discovery Inc. to "hold" from "buy."

The analyst maintained a $28 price target on the company's stock.

Earlier this month, Wieser raised his rating on Discovery to "buy" from "hold."

"The stock's +30% gain over the past two weeks essentially eliminated the gap between where Discovery was trading earlier this month and our price target leading to our change in recommendation," the analyst wrote.