Barrington Research Upgrades Time Warner Following Withdrawal of Fox's Bid

In a note released before the open on Monday, Barrington Research upgraded shares of Time Warner Inc. TWX to Outperform and set a $93 price target. Prior to the Fox bid, Barrington had rated Time Warner outperform with a $82 price target based on compelling fundamentals. However, with the bid the firm felt compelled to lower its rating, given the stock was trading above the price target. Today, Barrington noted that it has restored the Outperform rating on Time Warner as a result of the withdrawal of the Fox FOXA bid and the subsequent price drop.