Discovery took a big swing in striking a deal with AT&T to merge with WarnerMedia, but shareholders will have to wait a while to see if the result is a home run, according to MoffettNathanson.

Analyst Robert Fishman downgraded the stock to neutral from buy, saying in a note to clients that the combination with HBO’s parent company lowers Discovery’s upside in the near term. Shares of the company have dropped nearly 12% since the deal was announced last week.