Nomura Securities Maintains a 'Buy' on Cablevision (CVC); 2Q Capital Markets Review

Nomura Securities maintains a 'Buy' on Cablevision (NYSE: CVC) price target of $35.00.

Nomura analyst, Mike McCormack, says, "A review of 2Q11 results. Core cable operations in the New York market delivered zero EBITDA growth, despite ~$24mn in incremental revenue, driven by pressure from Verizon. In the longer term, the level of promotional activity at Verizon is likely unsustainable. Cablevision’s Bresnan unit delivered impressive results with margins of 29.6%. vs. 31.6% in 1Q11. Future M&A appears to be a low priority, which could support future capital returns. We reduced our 2012E EPS to $1.46 from $1.62."

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

Shares of Cablevision closed at $17.02 yesterday.

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