Pivotal Research Upgrades Time Warner (TWX) to Buy
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Pivotal Research upgraded Time Warner (NYSE: TWX) from Hold to Buy with a price target of $106. Analyst Brian Wieser thinks a sale to AT&T goes through.
"Time Warner reported good underlying 3Q16 results today, with even better results as reported due to a one-time tax benefit. Adjusting our price target for current trading levels of AT&T (and implicitly assuming that the sale goes through), we now value Time Warner at $106. Our recommendation returns to Buy from Hold to reflect the difference between current trading levels and our price target," said Wieser.
Shares of Time Warner closed at $88.25 yesterday.
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