Citadel Securities Maintains an 'Add' on Cablevision (CVC); Updating Numbers Post AMC-Spin Off
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Price: $34.87 --0%
Rating Summary:
7 Buy, 18 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
7 Buy, 18 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Citadel Securities maintains an 'Add' on Cablevision (NYSE: CVC) price target lowered from $40 to $28.
Citadel analyst says, "CVC trades at a premium to peers due, in our view, to its high-value properties, superior execution, financial acumen, and increasing public-shareholder focus. In aggregate, over the 2010-2011 period, we think CVC could buy back $1B of its shares. In addition, Rainbow’s cash contribution of $1.25B at spin-off has created substantial capacity for further equity shrink. As CVC continues to become more shareholder-friendly and as the likelihood that the company will invest in underperforming non-core assets thus recedes, we believe equity valuations will benefit. We value CVC shares at $28 post the spin-off of the AMC Networks (Nasdaq: AMCX) assets."
For more ratings news on Cablevision click here and for the rating history of Cablevision click here.
Shares of Cablevision closed at $23.10 yesterday.
Citadel analyst says, "CVC trades at a premium to peers due, in our view, to its high-value properties, superior execution, financial acumen, and increasing public-shareholder focus. In aggregate, over the 2010-2011 period, we think CVC could buy back $1B of its shares. In addition, Rainbow’s cash contribution of $1.25B at spin-off has created substantial capacity for further equity shrink. As CVC continues to become more shareholder-friendly and as the likelihood that the company will invest in underperforming non-core assets thus recedes, we believe equity valuations will benefit. We value CVC shares at $28 post the spin-off of the AMC Networks (Nasdaq: AMCX) assets."
For more ratings news on Cablevision click here and for the rating history of Cablevision click here.
Shares of Cablevision closed at $23.10 yesterday.
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