NEW YORK (TheStreet) -- Time Warner Cable (TWC) stock price target was increased to $240 from $224 and its "buy" rating was maintained at Deutsche Bank Group today.

The firm upped the stock price target after noting the company's merger with Charter Communications (CHTR) will be moving forward.

Charter Communications gained approval by California authorities today to acquire Time Warner Cable for $56.7 billion, Bloomberg reports.

St. Louis-based Charter Communications is a cable service provider, offering various entertainments, information and communications solutions to residential and commercial customers.

Time Warner Cable is a provider of video, high-speed data and voice services in the U.S. and is headquartered in New York City.

Shares of Time Warner Cable were down 0.6% to $215.29 late Thursday afternoon.

TheStreet Recommends

Separately, TheStreet Ratings rated Time Warner Cable as a "buy" with a score of B.

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon.

Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:

This is driven by multiple strengths, which TheStreet Ratings believes should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks covered.

The company's strengths can be seen in multiple areas, such as its increase in net income, revenue growth, solid stock price performance, growth in earnings per share and good cash flow from operations. TheStreet Ratings feels its strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated.

You can view the full analysis from the report here: TWC

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