ISI Group Reiterates Buy, $82 PT on Time Warner Cable

ISI Group maintains its Buy rating and $82 price target on Time Warner Cable

as the company's 4Q expectations may have been materially reset in a disappointing 3Q, which may help when company posts next week. ISI Group says, "This time around, we believe that expectations will be met if not beaten. On the financial side, we believe that the company will see a favorable EBITDA comparison in 4Q (2010 EBITDA includes $12MM in severance payments and a $15 change in depreciation accounting). Plus, TWC has plainly stated that the fourth quarter will be its fastest in terms of Y/Y EBITDA growth. Consensus is expecting anywhere from $1.817B to $1.826B in EBITDA for the quarter (implying ~5.1% Y/Y growth at the high end). We are projecting $1.830B for the quarter, implying a 5.3% growth rate." TWC closed at $$68.35 per share on Thursday.