Time Warner (TWX) is undervalued and should consider a tracking stock for its HBO television unit as a way to bolster shareholder value, Janney Capital Markets analyst Tony Wible suggested in a report Fri. Management needs to consider alternatives after rejecting a takeover bid by 21st Century Fox (FOX) . HBO is worth more than $30 bil or $35 per Time Warner share; and on a sum-of-parts basis, Time Warner is worth $95 a share, he said. Shares dipped a fraction to 76.50.
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