Wells Fargo upgrades Discovery, says shares are cheap after Archegos sell-off

David Zaslav
Anjali Sundaram | CNBC

It's time for investors to jump back into Discovery after stock was cut in half amid the Archegos fire sale, according to Wells Fargo.

Wells analyst Steven Cahall upgraded the stock to overweight on Thursday, saying in a note to clients that the share price was now cheap relative to its fundamentals. The stock was trading above $77 per share in March but fell sharply as a highly levered family office failed to meet its margin call, forcing brokers to sell Discovery and several other stocks.