Time Warner Inc Falls Despite Upgrade From Topeka Capital Markets

Time Warner Inc (NYSE: TWX) was upgraded from Sell to Hold by Topeka Capital Markets on Thursday. The $69 price target was unchanged.

Analyst David W. Miller was pleased with its performance as a Sell-rated stock and noted that it now “hovers a mere 6.4% away from our original price target of $69.00.”

Miller went on to mention that while he “would have preferred to pull the trigger on this ratings change below $70.00, current levels are probably as cheap as TWX is going to get ahead of its analyst day in New York, scheduled for October 15.”

The stock fell from $74.27 to $70.92 midday and then bounced back to nearly $73 in the afternoon.