Citi Raises PT on Time Warner Cable (TWC)

Citi is out with its report today on Time Warner Cable TWC, raising its PT from $70 to $78, and reiterating Buy. In a note to clients, Citi writes, "We are raising our target price from $70 to $78 and adding to TPL due to two reasons: 1) Potential for additional share repurchases and 2) our view that OTT is an unlikely near-term risk. Given strong free cash generation, potential for additional return of capital to shareholders and minimal OTT risk in the near-term, we reiterate our Buy." Shares of TWC closed yesterday at $67.90, up 0.30% from Monday's close.