Topeka Capital Upgrades Time Warner (TWX) to Buy

Topeka Capital upgraded Time Warner (NYSE: TWX) from Hold to Buy with a price target of $90.00. The change follows its analyst day yesterday.

Analyst David W. Miller said, "On the heels of TWX's analyst day, we are upgrading the shares to 'Buy' and establishing a brand new, 12-month target of $90, correlating to a reasonable multiple of 15.0x estimated 2016 non-GAAP earnings of $6.00/share. While the $6.00/share guidance bogie issued by TWX management yesterday was more or less expected, it is the $8.00/share earnings bogie by 2018 that actually sways our opinion on this name, as now, the company is set to grow non-GAAP EPS by an enviable CAGR of 18.5% through 2018."

For an analyst ratings summary and ratings history on Time Warner click here. For more ratings news on Time Warner click here.

Shares of Time Warner closed at $72.21 yesterday.

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