Time Warner (TWX) PT Raised to $102 at Brean Capital
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Brean Capital analyst Alan Gould reiterated a Buy rating and raised his price target on Time Warner (NYSE: TWX) to $102.00 (from $93.00) after the company agreed to be acquired by AT&T for $107.50 per share.
Gould commented, "AT&T is paying $107.50 for TWX, about a market multiple on earnings. We believe T is buying TWX primarily for its Warner Brothers content assets and the premium HBO network and do not believe this deal should increase the value of independent cable network companies. The scale and vertical integration of the proposed company could raise NFL and marquis programming costs and increase the value of wireless assets. We expect the deal will pass regulatory scrutiny. It also highlights the value of a single-class share structure and intelligent share repurchases. We raise our target price to $102, a 5% discount to the offer price."
Shares of Time Warner closed at $89.48 yesterday.
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