Nomura Securities maintains a 'Buy' on Cablevision (CVC); Spin Off of AMC Networks

Nomura Securities maintains a 'Buy' on Cablevision (NYSE: CVC).

Nomura analyst, Mike McCormack, said, "Yesterday, Cablevision announced the board approval of the leveraged spin off of AMC Networks Inc. (formerly Rainbow Media). The announcement supports our view of a distribution that appears on track for June 30. Following the separation of both Rainbow and MSG, Cablevision will have transformed itself into a nearly pure-play cable company, which we believe will attract investors that were previously hesitant to own CVC shares given the mix of assets. In addition to our bullish view on Cablevision’s fundamentals, and skeptical view of potential M&A, the capacity for incremental capital returns should provide meaningful support to the Cablevision investment case."

For more ratings news on Cablevision click here and for the rating history of Cablevision click here.

Shares of Cablevision closed at $34.12 yesterday.

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