Goldman Sachs Downgrades Time Warner (TWX) to Neutral

Goldman Sachs downgraded Time Warner (NYSE: TWX) from Buy to Neutral with a price target of $74.00 (from $77.00) citing limited upside.

Analyst Drew Borst notes Turner’s basic network ratings continue to decline,down 12% yoy CYTD, which he said may necessitate increased investment in scripted originals to replace TV and film re-runs that have fading demand.

The firm cut FY 2014 EPS from $4.01 to $4.00, FY 2015 EPS from $4.68 to $4.65 and FY 2016 EPS from $5.59 to $5.57.

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 $70.25 yesterday.

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