Time Warner (TWX) PT Raised to $108 at BMO Capital
BMO Capital analyst Daniel Salmon raised his price target on Market Perform-rated Time Warner (NYSE: TWX) to $108.00 (from $75.00) after the company agreed to be acquired by AT&T for $107.50 per share.
Salmon commented, " We think there are lots of precedents for regulatory approval of this type of vertical integration (Comcast today, Time Warner of yore pre Cable and AOL spinoffs) and we think there is only a 20% chance of a competing bid topping T's bid. As discussed in our Quarterly Preview, M&A chatter has been active and we expect this deal to keep it frothy, especially in SMID cap Media and especially as CBS and VIAB already appear headed back to the altar."
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Shares of Time Warner closed at $89.48 yesterday.