UPDATE: JP Morgan Upgrades Time Warner Cable to Overweight on Growth, FCF Yield
JP Morgan raised its rating on Time Warner Cable (NYSE: TWC) from Neutral to Overweight and increased its price target from $100 to $110.
JP Morgan noted, "TWC is the fourth largest provider of video and third largest in broadband data in the US, and in the next year we believe it can continue to grow broadband share while slowing its video share losses. The company offers an 8.4% fully taxed FCF yield, and we expect it to return 13% of today's market cap in dividends and stock repurchases in 2013. While TWC's video business remains challenged vs its closest peer Comcast, the potential for that business to recover over time offers significant upside to shares beyond our target."
Time Warner Cable closed at $89.29 on Wednesday.
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