- Wells Fargo initiates coverage on Time Inc. (TIME) with an Outperform rating and price target range of $27 to $29.
- The investment firm cites management's strong reputation of turning around companies in taking its bullish stance. Wells notes plenty of cost-cutting moves are still on the table.
- Time Inc. is considered the only pure-play magazine stock on the market.
- Shares of Time are down 2.6% on their first day of trading.