UPDATE: Stifel Downgrades Time Warner to Hold, Reiterates $93 PT as 2015 is Transition Year

In a report published Friday, Stifel analyst Benjamin Mogil downgraded the rating on

from Buy to Hold, but reiterated a $93.00 price target. In the report, Stifel noted, “We are transferring coverage of Time Warner (TWX) from Stifel analyst Drew Crum and establishing a Hold rating. The rating is not so much a call on operations, as we see Time Warner's asset collection as well suited towards changes in consumption patterns, particularly on the OTT side, rather we view valuation as largely fair given that the company's 2014 was an eventful one on the corporate and operational front. We see the OTT launch of HBO and the Turner original programming revamp as the likely two most important 2015 themes.” Time Warner closed on Thursday at $82.39.