UPDATE: Morgan Stanley Reiterates On Morgan Stanley After Fox Withdraws Bid

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In a report published Wednesday, Morgan Stanley analyst Benjamin Swinburne reiterated an Overweight rating on

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Time Warner

(NYSE: TWX), but lowered the price target from $95.00 to $85.00.In the report, Morgan Stanley noted, “Following Fox's withdrawal of its bid and pullback in shares, we remain OW as focus shifts back to fundamental outlook, where we remain bullish and above consensus. Our fundamental-only base case target of $85 is roughly 15x ‘16E EPS, and we see a credible 20% EPS CAGR bull case to $100.”Time Warner closed on Tuesday at $74.04.