Markets & Finance

Wit SoundView Cuts AOL Time Warner Target

Wit SoundView lowered its price target on shares of media giant AOL Time Warner (AOL) from $80 to $60.

Analyst Jordan Rohan says waning consumer confidence and the mixed operating performance of key advertising sectors automotive, telecom, consumer packaged goods, retail) have caused him to become a bit more conservative in his projections for the company's Turner cable networks. While he has maintained his $11 billion cash flow estimate for 2001, he has shifted some of the burden for 31% projected growth in total cash flow from Turner cable networks to Warner Bros. film division.

The analyst maintains his EPS estimates of $0.99 for 2001 and $1.31 for 2002. He also maintains his strong buy rating.

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