Nomura Securities Maintains a 'Buy' on Cablevision (CVC); Revising Price Target
Tweet Send to a FriendGet Alerts CVC Hot Sheet
Price: $15.43 +1.51%
Rating Summary:
7 Buy, 14 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
7 Buy, 14 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade CVC Now!
Nomura Securities maintains a 'Buy' on Cablevision (NYSE: CVC), PT cut to $35.
Nomura analyst, Mike McCormack, said, "We have revised our CVC price target to $35, from $41 previously, to reflect the removal of $6 per share AMC (Nasdaq: AMCX) value from our valuation framework. Following the successful separation from AMC (legacy Rainbow), our investment thesis is largely unchanged. CVC shares currently trade at a ~25% FCF/share discount to its nearest pure play comparable Time Warner Cable (NYSE: TWC). With Cablevision having slightly faster Cable only FCF growth, and a similar opportunity for capital returns, we continue to believe CVC shares provide meaningful potential upside opportunity. Additionally, we believe our share repurchase estimates could prove to be conservative. Though we lack knowledge of the timing or likelihood, Cablevision could easily repurchase an incremental ~75mn shares or issue a ~$10 special dividend, a meaningful catalyst to CVC shares."
For more ratings news on Cablevision click here and for the rating history of Cablevision click here.
Shares of Cablevision closed at $26.37 yesterday, with a 52 week range of $23.61-$38.08.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
Nomura analyst, Mike McCormack, said, "We have revised our CVC price target to $35, from $41 previously, to reflect the removal of $6 per share AMC (Nasdaq: AMCX) value from our valuation framework. Following the successful separation from AMC (legacy Rainbow), our investment thesis is largely unchanged. CVC shares currently trade at a ~25% FCF/share discount to its nearest pure play comparable Time Warner Cable (NYSE: TWC). With Cablevision having slightly faster Cable only FCF growth, and a similar opportunity for capital returns, we continue to believe CVC shares provide meaningful potential upside opportunity. Additionally, we believe our share repurchase estimates could prove to be conservative. Though we lack knowledge of the timing or likelihood, Cablevision could easily repurchase an incremental ~75mn shares or issue a ~$10 special dividend, a meaningful catalyst to CVC shares."
For more ratings news on Cablevision click here and for the rating history of Cablevision click here.
Shares of Cablevision closed at $26.37 yesterday, with a 52 week range of $23.61-$38.08.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Morgan Stanley Says Tesla (TSLA) 'Top Pick in U.S. Autos'
- Topeka Capital Starts Laredo Petroleum (LPI) at Buy, Assets 'Undervalued'
- Deutsche Bank Raises PT on Access Midstream Partners (ACMP) to $57
Create E-mail Alert Related Categories
Analyst CommentsRelated Entities
Nomura, Dividend, Stock Buyback
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
