NEW YORK (TheStreet) -- Time Warner's  (TWX)  2016 third quarter results show positive trends for the media company, Barrington Research Associates Managing Director James Goss said on CNBC's "Squawk Box" on Wednesday morning. The firm has an "outperform" rating and $99 price target on the stock. 

"I think it's on a roll right now," he said. 

Before today's opening bell, Time Warner reported earnings of $1.83 per share, topping estimates of $1.37 per share. Revenue rose by 9% year-over-year to $7.17 billion, slightly higher than estimates of $6.98 billion. 

"I think everything did well and was in line or better," Goss said. In particular, Warner Brothers, HBO and Turner all saw revenue rise.  

On October 22, Time Warner announced that it had agreed to be bought by AT&T (T) for $85 billion. But Time Warner didn't need that deal to succeed, according to Goss. "Time Warner would be fine with or without the deal. I think it's probably always good to sell at a premium."

The best thing that AT&T can bring Time Warner is its national platform and its mobile factor, Goss noted. 

But some investors remain doubtful that the deal will be approved by regulators.

The biggest threat to the deal is politics, Goss said. If both Republican presidential candidate Donald Trump and Democratic presidential candidate Hillary Clinton voice their disapproval of the deal, then it may have a tough time getting approved. But the candidates will need to come up with a legitimate reason to turn it down. 

"I do think the opportunity to have the deal closed from a stock standpoint is greater than the risk of it failing. Because even if the deal did not happen, Time Warner has a lot of fundamental support at the levels at which it's trading," Goss concluded. 

Shares of Time Warner and AT&T were lower in early morning trading on Wednesday. 

Separately, 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 team rates Time Warner as a Buy with a ratings score of B+. This is driven by some important positives, which the team believes should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks the team covers.

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

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