Dallas, Texas 05/15/2014 (FINANCIALSTRENDS) – Time Warner Inc (NYSE:TWX) is rising after analyst upgraded ratings for the company ahead of a spinoff of Time Inc. as a separate company, effective as of June 6, 2014. Time Inc. is one of Time Warner’s most high-profile and highly-trafficked assets which holds 23 magazines and 45 websites, including TIME, Fortune, People, Entertainment Weekly and Sports Illustrated.
It’s Time for the Time Inc. Spinoff
Those who are TWX shareholders of record as of May 23, 2014 will automatically be getting one share of Time Inc. for every eight shares of Time Warner common stock held. Time Inc. Fractional shares will be sold in the open market after being aggregated, and Time Warner shareholders will then receive the net proceeds distributed pro rata in cash payments.
Time Inc. common stock begins trading on May 21, 2014 on a “when-issued” basis on the NYSE under the symbol “TIME.WI” and will shift to regular trading under the “TIME” symbol on June 9.
Time Warner Inc Gets Analyst Upgrades
Time Warner Inc. has some investor sentiment fueling momentum ahead of the Time Inc. spinoff, and it was solidified with a slew of upgrades or continued buy ratings from analysts. For starters, Sanford C. Bernstein moved TWX from “market performs” to “outperform,” and hiked the price target from $73 to $84. For the record, TWX closed at 69.17, so the new price target gives it a heck of a lot more room to grow.
Secondly, TheStreet reiterated Time Warner Inc as a “buy” with a ratings score of A. Wunderlich likewise reiterated Time Warner Inc as a “buy” with a price target of $83. FBR Capital Markets kept it’s “outperform” rating for TWX, and boosted the price target from $78 to $80.
