Following rumors that Meredith (MDP) is interested in merging with/acquiring Time Inc. (TIME), Stephens analyst Kyle Evans says he does not like the risk/reward of both companies merging. The analyst believes Time Inc. would add "significant operational risk" to Meredith's smaller, more-focused magazine business and risk investor confusion, while from a Time Inc. shareholder perspective, the timing is bad given recent/significant management and operational changes. Moreover, Evans believes the revenue and cost synergies of a combination are unclear. He reiterates an Equal Weight on both shares.