Time Warner (TWX) PT Raised to $97 at FBR Capital
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FBR Capital analyst Barton Crockett raised his price target on Market Perform-rated Time Warner (NYSE: TWX) to $97.00 (from $81.00) after the company agreed to be acquired by AT&T for $107.50/share.
Crockett commented, "Time Warner shareholders should be happy for this $85 billion offer, but uncertain that it closes, as politically we see it facing daunting hurdles. Still, the potential for this deal to happen, or for another buyer to step up, leads us to take our TWX price target up $16 to $97, 90% of the proposed deal price of $107.50. "
Shares of Time Warner closed at $89.48 yesterday.
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