Time Warner (TWX) PT Bumped to $93 at Nomura Securities on Consistency of Results

Nomura Securities analyst Anthony DiClemente raised his price target on Neutral-rated Time Warner (NYSE: TWX) to $93.00 (from $87.00) ahead of Q2 results, noting consistency from the company.

DiClemente commented, "Amidst a backdrop of relative uncertainty in the US Media sector, we expect TWX to deliver steady results in 2Q, particularly given expanding operating margins. We are slightly raising our 2Q15E consolidated operating income and EPS estimates to $1.62bn and $1.02, from $1.60bn and $1.01, respectively, though we leave our FY15E estimates unchanged. We are modestly increasing our 2016 P/E target multiple for TWX to 16x from 15x to better reflect the steadiness of recent results, a higher target multiple for Turner given its known affiliate rate trajectory in 2016 and 2017, and a higher target multiple for HBO given the growth opportunity for HBO NOW/recent multiple expansion for NFLX. Our target price goes to $93 from $87."

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 $89.89 yesterday.

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