The firm said the U.K.'s decision to exit the European Union this summer and sports costs are weighing on the company's international results.
Additionally, foreign exchange tailwinds are moderating in many geographies, the Fly noted.
The Silver Spring, MD-based media company has a portfolio of non-fiction, sports and kids programming brands, such as the Discovery Channel, Animal Planet and TLC.
Shares of Discovery closed slightly higher on Thursday.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C+ on the stock.
The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its revenue growth, attractive valuation levels and notable return on equity.
But the team also finds weaknesses including weak operating cash flow, a generally disappointing performance in the stock itself and generally higher debt management risk.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: DISCA