James Goss of Barrington Research reaffirmed an Outperform rating on Time Warner Inc (NYSE: TWX) on Wednesday with a price target raised to $96 from a previous $95 due to a higher adjustment to fourth quarter estimates.
Goss estimates the company will earn $0.99 per share in the fourth quarter after previously projecting $0.96 per share. This implies a full year EPS estimate of $4.18, a 19 percent increase from a year ago.
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Revenue for the fourth quarter is projected by the analyst to total $7.486 billion, higher than the previous $7.425 billion estimate. The higher revenue estimate is attributed to higher subscription revenue expectations at Turner.
“At current levels, we feel our opinion can incorporate solid fundamental considerations, while also positioning investors to benefit from any renewal in consolidation activity,” Goss wrote. The analyst adds that the company's fundamental story remains “compelling” including an “impressive” mix of premium and basic cable networks and the “exceptional” capabilities of Warner Brothers film and television studio.
Goss raised his fiscal 2015 estimates and now expects the company to earn $4.70 per share after previously projecting an earnings of $4.60 per share. Revenue for the full fiscal year has also been raised to $28.508 billion, from $28.423 billion.
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