UPDATE: Sterne Agee Initiates Time Warner at Buy Ahead of Time Spinoff
In a report published Thursday, Sterne Agee analyst Vasily Karasyov initiated coverage on Time Warner (NYSE: TWX) with a Buy rating and $73.00 price target.
In the report, Sterne Agee noted, “We are initiating coverage of TWX shares with a Buy rating as we expect the stock to outperform the group. We think the P/E will expand as the spinoff of Time Inc. approaches, driving the stock price to $73, 28% above the current level. The evolution of NWSA's relative P/E multiple since announcing the separation of its publishing assets as well as our sum-of-the-parts analysis both support our thesis.”
Time Warner closed on Wednesday at $56.16.
Latest Ratings for TWX
|May 2015||Credit Suisse||Reinstates||Equal-weight|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.