UPDATE: Stifel Nicolaus Raises PT to $63 on Time Warner; Time to Be Spun Off

Stifel Nicolaus maintained Time Warner TWX with a Buy rating and raised the price target from $58.00 to $63.00. Stifel Nicolaus noted, "[O]ur positive stance on TWX has been (and continues to be) centered on the company's affiliate renewal cycle for Turner networks, healthy sub trends at HBO, favorable growth prospects for international, a decent pipeline of television and film content, and continued redeployment of cash. All support our view for an acceleration in core earnings growth over the next few years: we think the decision to split Time Inc. strengthens our thesis." Time Warner closed at $55.46 on Wednesday.