Goldman Sachs Removes Time Warner (TWX) from Conviction Buy List

Goldman Sachs downgraded Time Warner (NYSE: TWX) from Conviction Buy to Buy with a price target of $78.00. Analyst Drew Borst pointed out concerns about the pay TV ecosystem.

"Although we continue to see good value in TWX, we remove TWX from the America’s Conviction List on our concerns over the pay TV ecosystem and TWX’s 2016/18 EPS guidance will remain an overhang through early 2016 given TWX’s statements about incremental headwinds since issuing guidance, including FX, slightly higher sub losses at Turner, and HBO investments. That said, we continue to believe that TWX is a compelling 12-month investment," said Borst.

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 $70.59 yesterday.

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