Jefferies launches coverage on media names


"We view Time Warner (TWX) as a content machine without the issues associated with owning a TV network," says analyst John Janedis, starting the stock with a Buy and $80 price target.

"Having effectively de-risked the affiliate fee story by providing guidance through 2018, and with a secular tailwind of demand for Warner Bros. TV studio content, a compelling return of capital/leverage outlook, and improving ratings leading to peer-like ad growth, should allow the shares to outperform."

Also started at Buy is Viacom (VIA, VIAB), while Scripps Networks is begun with a Hold.

Previously: Interpublic Group boosted to Buy at Jefferies

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