UPDATE - Barclays Initiates Coverage on AOL (AOL) with an Equalweight; Awaiting Tangible Signs of a Turnaround

UPDATE - Barclays initiates coverage on AOL (NYSE: AOL) with an Equalweight rating and a $15 price target.

Barclays analyst says, "AOL remains one of the top visited sites domestically, with 105 million unique visitors as of July, and its properties are consistently ranked among the top five across most major online verticals. However, almost two years since the spin from Time Warner (NYSE: TWX), the removal of $500 million in costs, and a 40% reduction in headcount, AOL remains in turnaround mode. And AOL's two most profitable businesses-Search and Access-continue to experience significant revenue declines."

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