Citadel Securities Downgrades Time Warner Cable (TWC) to Add; Trading at Premium Valuation

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Citadel Securities downgraded Time Warner Cable (NYSE: TWC) from Edge Positive to Add. PT maintained at $81.

Citadel analyst said, "TWC shares have appreciated along with the rest of the cable industry since we initiated coverage in October 2010. While we are reducing our rating on TWC to Add, we are maintaining our $81 target price and remain positive on the shares. We continue to view Time Warner Cable as a favored choice for cable investors because of its healthy operations, relatively strong corporate governance, transparent disclosure, and commitment to returning capital to shareholders. TWC warrants a premium valuation, in our view, even while its shares trade in line with peers on 2011E free cash flow yield, both lever and unlevered, and EV/EBITDA."

For more ratings news on Time Warner Cable click here and for the rating history of Time Warner Cable click here.

Shares of Time Warner Cable closed at $75.48 yesterday, with a 52 week range of $50.36-$78.65.

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