Deutsche Cuts Price Target on Cablevision (CVC), COO Departure Raises Investor Concerns

Deutsche Bank is reiterating its Buy rating on shares of Cablevision (NYSE: CVC), but is reducing its price target from $26 to $20.

The firm believes the resignation of COO Tom Rutledge will "increase investor concerns regarding the maturity of CVC’s penetrations, CVC’s inability to fight off the impact of FiOS competition and high unemployment, and CVC’s ability to execute post-Mr. Rutledge exiting."

Deutsche notes investors will be looking for a new mature COO who will be able to face the macro and marketing challenges.

For an analyst ratings summary and ratings history on Cablevision click here. For more ratings news on Cablevision click here.

Shares of Cablevision closed at $13.93 yesterday.

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