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Technology Stocks : What about old Time Warner
TWX 98.770.0%Jun 15 5:00 PM EST

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To: sixty2nds who wrote (68)10/28/2005 10:46:06 AM
From: sixty2nds  Read Replies (1) of 102
 
08:06 TWX Time Warner assumed with a Buy at Oppenheimer; tgt $24.75 (17.48 )

Oppenheimer initiates TWX with a Buy at Oppenheimer and $24.75 tgt. With leading mkt share in each major media business, firm believes an investment in the co represents participation in the continued growth in both the creation and distribution of content. They note that at 7.9x 2006 cash flow, the co trades in line with other entertainment cos but below cable companies. They expect multiple expansion from several near and mid-term catalysts such as: third party partnerships with AOL that will likely set AOL valuations significantly above current trading levels; spin out of the cable division, and a significantly larger (than already announced) share buyback.
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