Bank of America Maintains Neutral Rating, $38 PO on Time Warner

Despite an “undemanding valuation, a strong balance sheet and sizable capital returns we remain on the sidelines as we believe the company is a likely acquirer of assets given our view of a stronger deal climate,” Bank of America wrote in a report focusing on Time Warner Inc.

. Time Warner closed Thursday at $36.37. Bank of America maintains its Neutral rating and $38 PO.