UBS maintains a 'Neutral' on Cablevision (CVC); Updating Outlook in Advance of Q3
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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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UBS maintains a 'Neutral' on Cablevision (NYSE: CVC), price target lowered from $28 to $18.
UBS analyst says, "We believe Cablevision’s 3Q metrics will improve from a year ago, given positive commentary on industry trends from Comcast and Time Warner Cable (NYSE: TWC) at recent conferences. In addition, the August strike by Verizon (NYSE: VZ) wireline employees likely delayed the disconnections of some CVC customers planning to switch to FiOS. Repairs and clean-up following Hurricane Irene and Tropical Storm Lee may partly offset these tailwinds."
"We now expect PSU net losses of 3K in 3Q (prev. -28K, vs. -5K in 3Q10). This includes 25K video losses (prev. -35K, vs. -24K a year ago), 5K HSD net adds (prev. -5K, vs. +10K a year ago) and 17K voice net adds (prev. 12K, vs. 9K a year ago). We expect PSU growth of roughly 0.5% vs. 0.4% seen in 2Q...Following these changes to our model, 2011E EPS goes to $1.41 from $1.63 while 2012E goes to $1.74 from $2.13 and 2013E goes to $1.78 from $1.95. We expect Cablevision to largely exhaust the $305M remaining on its buyback authorization this year. We model the final ~$105M in repurchases in 1H12."
For more ratings news on Cablevision click here and for the rating history of Cablevision click here.
Shares of Cablevision closed at $17.06 yesterday.
UBS analyst says, "We believe Cablevision’s 3Q metrics will improve from a year ago, given positive commentary on industry trends from Comcast and Time Warner Cable (NYSE: TWC) at recent conferences. In addition, the August strike by Verizon (NYSE: VZ) wireline employees likely delayed the disconnections of some CVC customers planning to switch to FiOS. Repairs and clean-up following Hurricane Irene and Tropical Storm Lee may partly offset these tailwinds."
"We now expect PSU net losses of 3K in 3Q (prev. -28K, vs. -5K in 3Q10). This includes 25K video losses (prev. -35K, vs. -24K a year ago), 5K HSD net adds (prev. -5K, vs. +10K a year ago) and 17K voice net adds (prev. 12K, vs. 9K a year ago). We expect PSU growth of roughly 0.5% vs. 0.4% seen in 2Q...Following these changes to our model, 2011E EPS goes to $1.41 from $1.63 while 2012E goes to $1.74 from $2.13 and 2013E goes to $1.78 from $1.95. We expect Cablevision to largely exhaust the $305M remaining on its buyback authorization this year. We model the final ~$105M in repurchases in 1H12."
For more ratings news on Cablevision click here and for the rating history of Cablevision click here.
Shares of Cablevision closed at $17.06 yesterday.
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