UBS Maintains a 'Neutral' on Cablevision (CVC); Cutting Estimates on Challenging Outlook

May 4, 2012 2:12 PM EDT
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Price: $34.87 --0%

Rating Summary:
    7 Buy, 23 Hold, 3 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 18 | Down: 19 | New: 11
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UBS maintains a 'Neutral' on Cablevision (NYSE: CVC) price target lowered from $14 to $13.

Analyst, John C. Hodulik, said, "Return to subscriber growth, at the expense of margins...Leverage rose to 5x, at the high end of mgmt’s target, and we expect it to be similar for the rest of the year. We now look for a 64% drop in FCF, to $209M from $583M in 2011."

"We now expect revenue of $6.31B in 2012E (prev. $6.74B) and $6.49B in 2013E (prev. $6.88B). We look for adjusted EBITDA of $2.08B in 2012E (prev. $2.21B) and $2.07B in 2013E (prev. $2.19B), down from $2.25B in 2011 (ex-storm costs and other items). 2012E EPS goes to $.0.75 from $0.85 while 2013E goes to $0.78 from $0.95 and 2014E goes to $0.84 from $1.01."

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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