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.
