Goldman Sachs Raises Time Warner Price Target to $39 (TWX)

Following second quarter earnings that beat Wall Street forecasts, Goldman Sachs raised its price target on Time Warner Inc. (NYSE: TWX) to $39 from $37 today. Goldman Sachs maintains a Neutral rating on Time Warner shares.

Time Warner reported 2Q10 revenue and EPS of $6.377 billion and $0.50 vs. Goldman Sachs estimates of $6.2 billion and $0.48. Cable Networks had better-than expected advertising and subscription growth as well as better margins.

Goldman Sachs analysts "estimate that Turner’s total domestic advertising growth will re-accelerate in 3Q10 to 10% from high single digits in 2Q10."

Time Warner Inc. is a media and entertainment company. Shares are 1% higher in late trade, to $32.82.