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Douglas County-based Discovery Holding Co. fell to a nine-month low on the Nasdaq after Credit Suisse Group initiated coverage of the stock with an “underperform” rating, saying the cable-channel owner faces a challenging advertising market.
The stock “fairly values” the company’s fundamentals, analyst Bryan Kraft wrote Tuesday in a note to clients. Discovery Holding dropped $1.27, or 5.4 percent, to $22.09 Tuesday in Nasdaq Stock Market trading, the lowest price since May 10.
