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Time Warner Stock Downgraded

  • Yahoo/AP, Sunday, April 18, 2010 11:05 PM
Morgan Stanley analyst Ben Swinburne downgraded shares of Time Warner saying the factors that could boost growth at the media company are largely past it. He lowered his rating to "Equal Weight" from "Overweight." He said any return on the stock would be in line with its peers. The end of the "Harry Potter" films also makes prospects at Warner Bros. unclear.

Swinburne prefers Walt Disney Co., CBS Corp. and Omnicom Group Inc., which he rates as "Overweight." The analyst said he sees more growth in local advertising going forward instead of on cable networks, which held up fairly well in the recession. Time Warner owns HBO, TBS and other cable channels but not local TV stations.

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