Shares of Time Warner (TWX)  opened lower today after the stock was downgraded at Pivotal Research to "Hold" from "Buy" with a $107.50 price target.

Pivotal analyst Brian Wieser cited the stock's valuation as the reason for the downgrade, noting that its current price is near the value AT&T (T) - Get AT&T Inc. Report is offering for the company.

(AT&T stock is held in the Dividend Stock Advisor portfolio. See all of the holdings with a free trial.)

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