Wedbush Downgrades Time Warner (TWX) to Neutral
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Wedbush downgraded Time Warner (NYSE: TWX) from Outperform to Neutral and maintained a price target of $90.
Analyst James Dix commented, "... taking rating down a notch to Neutral, as shares’ run leaves less upside relative to our coverage universe. Our thesis reflects more modest upside to our PT (13%), given shares’ leading outperformance YTD (up 23% vs. coverage universe median up 1% and S&P 500 up 4%). We advise no rush to the exits, as our FY2017 estimates are actually ~1% above Street EBIT/EPS."
Shares of Time Warner closed at $79.55 yesterday.
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