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Morgan Stanley raised its rating on Time Warner Cable
TWC from Equal-weight to Overweight and increased its price target from $96 to $110.
Morgan Stanley commented, "Among cable operators, TWC lacks the flash of NBCU or the turnaround opportunity of CHTR. However, since YE09 it has returned ~$5.5 bn in capital through dividends and buybacks while steadily growing its business. Our OW thesis is based on 1) a bet on mgmt's capital allocation discipline, 2) above consensus EPS for '13E (despite NFL Network), and 3) TWC as the best way to play the U.S. consumers' growing data usage (wired & wireless/wifi) and cable's advantage over DSL."
Time Warner Cable closed at $94.46 on Friday.
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