What Did This Analyst Just Do To Time Warner?

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As the year comes to a close, Time Warner just got a bit of a disappointment — courtesy of Brean Capital analyst Alan Gould.


Gould downgraded TWX shares from “Buy” to “Hold.”

Why?

Gould explains, “We are reducing our rating … as the arbitrage discount to the AT&T offer has shrunk to 12%, down from the high-teens, and TWX is now trading above our fundamental value of the low 90s.”

Time Warner on Thursday (12/29) closed up 47 cents, to $96.69.

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