Canaccord Genuity Maintains a 'Hold' on Cablevision (CVC); Cutting Estimates

May 4, 2012 11:15 AM EDT Send to a Friend
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Price: $18.59 +0.76%

Rating Summary:
    8 Buy, 15 Hold, 5 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 24 | Down: 28 | New: 14
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Canaccord Genuity maintains a 'Hold' on Cablevision (NYSE: CVC) price target of $16.50.

Analyst, Thomas Eagan, said, "While we understand the company’s strategy to enhance its customer market share, it appears that CVC will not be able to enjoy the financial benefits until 2013. Re: valuation, despite the pullback in the stock, we remain HOLD rated not only because of its declining AOCF but because of its multiple. At our new FY12 AOCF, CVC trades at 5.6x, just slightly below Comcast (Nasdaq: CMCSA), a company that we believe has superior fundamentals."

"Although we are only slightly reducing our FY12 revenue est (from $6,760mm to $6,758mm), we are lowering our Telecom AOCF from $2,415mm (down 1.5% y/y) to $2,338mm (down 6.3% y/y) to reflect higher CoGS and overhead costs than previously estimated."

For an analyst ratings summary and ratings history on Cablevision click here. For more ratings news on Cablevision click here.

Shares of Cablevision closed at $13.54 yesterday.


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