NEW YORK ( TheStreet) - Time Warner (TWX - Get Report) was gaining for the third day in four fueled by ticket sales from "Man of Steel," the media conglomerate's revival of the Superman series that brought $113.1 million over the weekend.
Shares of New York-based Time Warner were rising 1.7% to $58.95, moving nearer to the stock's 12-month high of $61.52 reached on May 7.
Time Warner, which has gained 23% this year, is rated a buy by 23 out of 33 analysts, according to data compiled by Bloomberg. The shares trade at 16.8 times estimated earnings, even with the S&P 500 Media Index of the largest U.S. stocks in the sector, which trades at 16.9 times forward earnings.
Box office demand for "Man of Steel" starring Henry Cavill, Amy Adams and Michael Shannon, exceeded the forecast of Well Fargo analyst Marci Ryvicker by $3.1 million, and generated the highest June debut ever by a movie, according to the investment bank. Time Warner's box office sales growth of 13.5% in 2013 trails only Viacom (VIAB - Get Report) at 17.8%, according to Wells Fargo.Sony (SNE - Get Report)'s "This is the End" came in second over the weekend with $20.5 million in box office sales. -- Written by Leon Lazaroff in New York >To contact the writer of this article, click here: Leon Lazaroff