Wedbush Upgrades Time Warner (TWX) to Outperform; Expects the Deal to Go Through
- 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 daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
Analyst James Dix commented, "TWX shares closed 19% below $107.50 deal on the table from T. This fat spread, from investors battered by recent busted deals, implies odds of deal approval well below 50%. While we share investor skepticism about T’s strategy, we focus here, rather, on the probability of regulatory approval. We see the probability in the 75% range, supporting our current PT, which offers 20%+ upside, an attractive reward/risk for shares with stand-alone value of ~$90 per share by the time of expected deal close (YE2017)."
Shares of Time Warner closed at $86.74 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: AT&T (T) Thinks Time Warner (TWX) Deal Has Good Chance After Talking to Trump's Team - FT
- Jefferies Raises Price Target on Zumiez, Inc. (ZUMZ) to $23 Following 3Q
- Oppenheimer Cuts Price Target on Workday (WDAY) Following 3Q; Reiterates Outperform
Create E-mail Alert Related CategoriesAnalyst Comments, Hot Upgrades, Upgrades
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!