UPDATE: Credit Suisse Raises PT to $61 on Time Warner on Publishing Spin-Off

Credit Suisse maintained Time Warner

with an Outperform rating and raised the price target from $56.00 to $61.00. Credit Suisse commented, "On March 6th TWX announced that its Board of Directors authorized management to proceed with plans to spin off the Time Inc. publishing unit. Based on our 2013 estimates, Publishing accounts for ~11% of total revenue and 6% of Operating Income. … The company expects to complete the separation by the end of 2013 contingent on SEC review and final board approval. We believe the stock's recent rally is partly due to the speculation on the potential spin-off or sale of the Publishing unit, and it could see further near-term upside on the announcement." Time Warner closed at $55.46 on Wednesday.