Barclays Mintains an 'Overweight' on Cablevision (CVC); Near-Term Catalysts Lacking, but Value Remains

Barclays maintains an 'Overweight' on Cablevision (NYSE: CVC) price target lowered from $31 to $25.

Barclays analyst says, "CVC's 3Q11 results were clearly mixed. Strong sub results were more than offset by well-below forecast margins, driven by programming and marketing cost increases, creating concerns (in the wake of Time Warner Cable's (NYSE: TWC) results) that MSOs are having to choose between margins and subscriber growth...We believe that, at current levels (~6.5x 2012E FCF), the shares fully price in these risks, however, and while we do not believe that the remainder of the cable reporting season will provide significant positive catalysts for CVC, we retain our OW rating, as we believe the business is fundamentally stable and that value exists longer-term investors."

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

Shares of Cablevision closed at $15.14 yesterday.

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