Pure-play Time Inc. looks appealing to Wells Fargo

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.

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