UPDATE: Wedbush Raises Target on Time Warner to $39

Wedbush reiterates its Neutral rating on Time Warner

and raises its price target by $1 to $39 on Q4 beat. Wedbush sys, "Raising 2012E EPS to $3.18 (+10% y/y) from $3.12 (+11% y/y) on higher 2011 base after 4Q beat, although 2012 growth is now much more back-end weighted. Although the star of 4Q was higher-than-expected operating leverage at the Networks and Publishing segments, this operating leverage should drop sharply in 1H, reflecting advertising sluggishness. Low double-digit EPS growth guidance off the 2011 base of $2.89 implies to us a range of $3.18-3.24 for 2012 EPS." TWX closed at $37.71 a share on Thursday.