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Time Warner (TWX) Stock Down, Drexel Lowers Earnings Estimates

NEW YORK (TheStreet) -- Shares of Time Warner (TWX) are down by 0.57% to $77.93 in mid-morning trading on Tuesday, as Drexel Hamilton lowered the company's earnings estimates for 2016 and 2017 to $5.38 from $5.50 per share, and to $5.89 from $6.08 per share, respectively.

Additionally, the firm lowered the New York-based media and entertainment company's price target to $86 from $88.

The reductions come in anticipation of Time Warner's second quarter fiscal earnings announcement, according to the analyst note. The company is expected to report earnings before the market opens on August 3 for the fiscal quarter ending June 2016.

"We see slightly better ad revenue...