A Goldman Sachs analyst cut media conglomerate Time Warner Inc.'s stock rating on Wednesday, saying rivals such as The Walt Disney Co. and News Corp. look like better bets.
Analyst Drew Borst said Disney's theme parks and film studio are headed for a rebound following the recession, while its ESPN cable channel continues to grow.
He said News Corp. should see growth from the retransmission fees its Fox TV channel charges cable providers to carry its signal as well as its international cable assets.
Borst said Time Warner has an "attractive" portfolio of media assets but its stock has already climbed 12 percent since last September and outperformed the S&P 500.
Borst cut Time Warner "Neutral" from "Buy" with a 12-month price target of $37.
The shares fell 21 cents to $29.42 in afternoon trading.
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