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T

AT&T

$32.53

0.31 (0.96%)

, TWX

Time Warner

$98.91

1.06 (1.08%)

17:32
06/14/18
06/14
17:32
06/14/18
17:32

U.S. wont seek delay on AT&T-Time Warner ruling, FT says

The U.S. government will not try to delay a court ruling permitting AT&T's (T) $80B takeover of Time Warner (TWX) to proceed, the Financial Times reports, citing a court filing. According to the filing, the U.S. Department of Justice "has no objection to closing this merger as soon as possible, including later this week, and will forego a request for stay pending appeal," the report says. In addition, AT&T provided some details of how it plans to operate Turner's networks until February 28, 2019, or until the case is over, in an effort to allay some of the government's worries, the report notes. Among other things, AT&T said it intends to manage Turner networks as a separate business division, that it will not have any role in setting Turner's prices or its distribution terms, that Turner workers' compensation levels and numbers will be "largely unchanged," and that it will build a firewall between AT&T and Turner communications, the report notes. Reference Link

T

AT&T

$32.53

0.31 (0.96%)

TWX

Time Warner

$98.91

1.06 (1.08%)

T AT&T
$32.53

0.31 (0.96%)

06/13/18
06/13/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Square (SQ) downgraded to Neutral from Buy at Buckingham with analyst Chris Brendler saying he is taking a "breather" following the year-to-date share outperformance but raised his price target to $65 from $55. 2. Yelp (YELP) downgraded to Sell from Hold at Aegis. 3. AT&T (T) was downgraded to Sell from Neutral at MoffettNathanson while Time Warner (TWX) was downgraded to Neutral from Buy at the firm. Time Warner was also downgraded to Market Perform from Outperform at Barrington. 4. Comcast (CMCSA) downgraded to Market Perform from Outperform at Raymond James. 5. Advaxis (ADXS) downgraded to Hold from Buy at Jefferies. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
06/13/18
OPCO
06/13/18
UPGRADE
OPCO
Outperform
AT&T upgraded to Outperform from Perform at Oppenheimer
06/13/18
06/13/18
UPGRADE
Target $41

Outperform
AT&T upgraded to Outperform on 'game changing' Time Warner deal at Oppenheimer
As previously reported, Oppenheimer analyst Timothy Horan upgraded AT&T (T) to Outperform from Perform, contending that the company's deal to buy Time Warner (TWX) is a "game-changer" that positions it as a "content powerhouse." The merger should be 15% accretive to free cash flow per share in FY21 based on his "conservative" estimates, Horan added. Horan also noted that historically, after underperforming through the regulatory process, AT&T shares trades up about 25% in the year following a merger. The analyst set a $41 price target on AT&T shares.
06/13/18
LOOP
06/13/18
DOWNGRADE
Target $100
LOOP
Hold
Time Warner downgraded to Hold from Buy at Loop Capital
Loop Capital analyst Alan Gould downgraded Time Warner (TWX) to Hold from Buy and lowered his price target to $100 from $107.50 after the affirmative federal judge ruling on AT&T (T) bid. Gould says he expects the merger to close by June 20th, and also recommends that investors shift their holdings to CBS (CBS), which may be the next attractive acquisition target in the industry.
TWX Time Warner
$98.91

1.06 (1.08%)

06/13/18
MSCO
06/13/18
NO CHANGE
MSCO
Morgan Stanley says AT&T ruling may help narrow public/private media value gap
Morgan Stanley analyst Benjamin Swinburne said the court approval of AT&T's (T) acquisition of Time Warner (TWX) without conditions recognized the reality of new competition in the form of content investments from players such as Netflix (NFLX), Google's (GOOGL) YouTube, Amazon (AMZN), Apple (AAPL) and Facebook (FB). This ruling sends a "clear message to other industry players" and market uncertainty on deal prospects could fall, which could mean that equity values will likely rise accordingly, Swinburne tells investors. He notes there remains a large gap, which may now narrow, between private market valuations and public multiples in many parts of media and cable, pointing to Discovery Inc. (DISCK) as an example illustrating that point.

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