AOL Time Warner Upgraded

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With AOL Time Warner Inc.'s stock in the tank, Jon Tinker and Mark Zadell see
a buying opportunity.

The Blaylock & Partners L.P. analysts upgraded the company to 'buy' from
'hold,' setting a target price of $21 per share.

The analysts said they liked last Thursday's decision by CEO Richard Parsons
to elevate Time Inc. CEO Don Logan and Home Box Office CEO Jeff Bewkes to
chairman of the company's respective Media & Communications Group and
Entertainment & Media Group.

'Now that the Time Warner folks have effectively wrested back control of the
company, we expect less negative publicity and more of a focus on the managing
of the business,' Tinker wrote.

But the Street didn't bite, as AOL Time Warner shares dropped another 7
percent Friday, to $11.58 apiece.

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