Nomura Securities Maintains a 'Buy' on Time Warner Cable (TWC); Raising Estimates and PT
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Price: $101.29 -2.54%
Rating Summary:
10 Buy, 12 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 24 | Down: 17 | New: 24
Rating Summary:
10 Buy, 12 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 24 | Down: 17 | New: 24
Trade TWC Now!
Nomura Securities maintains a 'Buy' on Time Warner Cable (NYSE: TWC) price target of $100.00 (from $90.00).
Analyst, Mike McCormack, said, "Time Warner Cable increased the pace of share repurchases during the quarter, returning ~115% of fully taxed free cash flow, and increased the rate further in July. We are raising our outlook for 2013 share repurchases by $500mn to $2bn due to strong cash flow performance, and before the use of the $950mn in after-tax SpectrumCo proceeds...Subscriber growth lagged our and consensus expectations, as well as the strong results posted by Comcast. We raised our estimates for Business and Advertising revenue, but this was offset by a reduction in Residential. Advertising was also strong, with the benefit of the political cycle yet to come. We estimate 12% EBIT growth and an EPS of $5.77, up from our prior $5.57 estimate, with the driver being lower interest expense as the company continues to refinance debt at lower rates."
3Q12E EPS from $1.49 to $1.52; 4Q12E from $1.57 to $1.62; FY12E from $5.57 to $5.67
For an analyst ratings summary and ratings history on Time Warner Cable click here. For more ratings news on Time Warner Cable click here.
Shares of Time Warner Cable closed at $87.94 yesterday, with a 52 week range of $57.15-$88.77.
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Analyst, Mike McCormack, said, "Time Warner Cable increased the pace of share repurchases during the quarter, returning ~115% of fully taxed free cash flow, and increased the rate further in July. We are raising our outlook for 2013 share repurchases by $500mn to $2bn due to strong cash flow performance, and before the use of the $950mn in after-tax SpectrumCo proceeds...Subscriber growth lagged our and consensus expectations, as well as the strong results posted by Comcast. We raised our estimates for Business and Advertising revenue, but this was offset by a reduction in Residential. Advertising was also strong, with the benefit of the political cycle yet to come. We estimate 12% EBIT growth and an EPS of $5.77, up from our prior $5.57 estimate, with the driver being lower interest expense as the company continues to refinance debt at lower rates."
3Q12E EPS from $1.49 to $1.52; 4Q12E from $1.57 to $1.62; FY12E from $5.57 to $5.67
For an analyst ratings summary and ratings history on Time Warner Cable click here. For more ratings news on Time Warner Cable click here.
Shares of Time Warner Cable closed at $87.94 yesterday, with a 52 week range of $57.15-$88.77.
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