UPDATE: Loop Captial Downgrades Time Warner (TWX) to Hold

Loop Captial downgraded Time Warner (NYSE: TWX) from Buy to Hold with a price target of $107.50.

Analyst David Miller comments "We are downgrading TWX from Buy to Hold because the stock has performed in line with our Buy rating, substantially outperforming the S&P 500 since initiating coverage back on August 1, though with the arbitrage spread finally thinning, now stands a mere 8.6% shy of our price target of $107.50, which post deal announcement, is in line with the deal price. Again, in our experience, we have never witnessed an example of a vertical merger in Media not going through, and the market is clearly pricing that in."

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 $98.90 yesterday.

You May Also Be Interested In

• Barclays Downgrades AvalonBay Communities (AVB) to Equalweight
• Barclays Downgrades Equity Residential (EQR) to Equalweight
• Piper Sandler Downgrades TriCo Bancshares (TCBK) to Neutral