Time Inc. initiated with a Buy at Citigroup Citigroup expects the magazine industry to undergo a consolidation period with Meredith (MDP) acquiring Time Inc. (TIME) in Q4 of 2015. The firm initiated shares of Time with a Buy rating and $28 price target.
Citi sees much less probability of Meredith acquiring Time Citi analyst Jason Bazinet reduced his probability of Meredith (MDP) acquiring Time (TIME) to 20% from 65%. Time's moves to cut costs and monetize assets bring less opportunity for Meredith to create value, the analyst tells investors in a research note. He lowered his price target for Buy-rated Time to $29 from $30 and Neutral-rated Meredith to $47 from $57. Bazinet still believes Time is an attractive investment as a standalone company.