Time Warner (TWX) PT Raised to $102 at Brean Capital
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Brean Capital Cuts Price Target on G-III Apparel Group (GIII) Following 3Q Miss
- Western Digital (WDC): Analyst Day Preview - Susquehanna
- Pivotal Research Downgrades Kroger (KR) to Hold
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change
Related EntitiesEarnings, Brean Capital
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!