UPDATE: Wedbush Raises PT to $47 on Time Warner Ahead of Earnings

Wedbush reiterated its Neutral rating on Time Warner TWX and raised the price target from $44.00 to $47.00. Wedbush said, "We see relatively little upside at the Networks, given checks indicating that TV scatter market demand was somewhat soft toward the end of the year. … Given the solid but unspectacular U.S. advertising market at present – with ad agency forecasters looking for 1-3% core growth (excluding political and Olympics comparisons) – and the fact that the full weight of upcoming pay TV network carriage renewals will not be felt until 2014, we expect management to be reasonably cautious in its outlook." Time Warner closed at $50.44 on Monday.