UPDATE: Stifel Nicolaus Downgrades Time Warner Cable to Hold on Valuation
Stifel Nicolaus reduced its rating on Time Warner Cable (NYSE: TWC) from Buy to Hold and removed its previous $95 price target.
Stifel Nicolaus commented, “We are downgrading shares of Time Warner Cable to Hold from Buy based on valuation. We no longer see significant near-term upside, given that the company's share price is within 2% of our target price of $95. Our previous target price represented 6.5x 2013E EBITDA, which we view as an appropriate multiple, given our estimated modest revenue and EBITDA growth forecasts for 2013."
Time Warner Cable closed at $93.02 on Thursday.
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