Credit Suisse Downgrades Time Warner (TWX) to Neutral Following Takeover
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Credit Suisse downgraded Time Warner (NYSE: TWX) from Outperform to Neutral with a price target of $107.50 (from $90.00) after the company agreed to be acquired by AT&T for $107.50 per share.
Analyst O. Sheikh commented, "We believe the value of the offer is full on current earnings and cash flow; that the probability of a counter-offer from a third party is low; and that the transaction will face lengthy scrutiny from regulators. We now see better opportunities elsewhere in US Media."
Shares of Time Warner closed at $89.48 yesterday.
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