Pali's Greenfield Raises Time Warner Cable Rating

Pali Research media analyst Richard Greenfield raises rating from “sell” to “neutral,” says current valuation reflects competitive realities.

Pali Research media analyst Richard Greenfield raised his rating on Time Warner Cable from “sell” to “neutral,” stating that while he is still concerned about some competitive issues the second largest cable operator faces, he believes they are reflected in the current valuation of the stock.

In a research note Monday, Greenfield wrote that TWC is trading at about 10 times his below consensus earnings estimate of 91 cents per share, 8.8 times 2009 estimated free cash flow and 4.7 times 2009 estimated earnings before interest, taxes, depreciation and amortization (EBITDA).

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