Natalie Parkinson
0
All posts from Natalie Parkinson
Natalie Parkinson in Gainers & Losers,

Wells Fargo downgrades Time Warner

Analysts at Wells Fargo said on Thursday they had no choice but to downgrade media and entertainment company Time Warner Inc.to market perform from outperform. The rating change comes a day after Time Warner management provided Wall Street with a disappointing 2016 outlook that will see profits and subscriber numbers drop below expectations.

"We believe [Time Warner] is making the right long-term decisions, but it is going to take some time," analyst Marci Ryvicker wrote in a note. "In fact, we applaud management for taking steps to 'right the ship'-effectively taking short-term pain for long-term gain. Our sense from following [Time Warner] is that they do not want to be a company that repeatedly lowers guidance. So, our gut tells us that this is is--the worst is over."

Do you have stocks of Time Warner in your portfolio? And what whould you do if you had some?