UPDATE: Stifel Reiterates on Time Warner on Continued Positive Stance

In a report published Monday, Stifel analyst Drew Crum reiterated a Buy rating on Time Warner TWX, and raised the price target from $72.00 to $77.00. In the report, Stifel noted, “We are increasing our target price on Time Warner to $77 as we continue our positive stance on the shares. In addition, we preview the company's 3Q which is scheduled to be reported on November 6th. Our estimates include adj. EPS of $0.89 (vs. $0.84) on revenue of $6.81 billion (flat), and are generally in line w/ consensus ~ we expect contributions from Networks, lower interest expense, and accretion from share buybacks, to drive performance. Other items of interest include updates on 1) the carriage dispute with Cable One; 2) HBO sub trends; 3) the syndication pipeline; 4) commentary on the new film financing deal; and 5) uses of cash.” Time Warner closed on Friday at $70.26.