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Fly News Breaks for August 21, 2015
MDP, TIME
Aug 21, 2015 | 07:25 EDT
Citi analyst Jason Bazinet reduced his probability of Meredith (MDP) acquiring Time (TIME) to 20% from 65%. Time's moves to cut costs and monetize assets bring less opportunity for Meredith to create value, the analyst tells investors in a research note. He lowered his price target for Buy-rated Time to $29 from $30 and Neutral-rated Meredith to $47 from $57. Bazinet still believes Time is an attractive investment as a standalone company.
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