Miller Tabak Downgrades Cablevision (CVC) to Neutral, COO Resignation Raises Questions
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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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Miller Tabak downgraded shares of Cablevision (NYSE: CVC) today to a Neutral rating from its previous rating of Buy. The firm also cut its price target from $20 to $15. Shares are trading down 10.4 percent on the day.
The firm states CVC's long-term valuation remains intact, while its short-term expectations are shadowed by recent management changes. Within the past few weeks, the company's President of its Cable Communications, John Bickham, announced his resignation and just yesterday, COO Tom Rutledge, announced he will also be resigning.
Miller Tabak comments the resignation of "Tom Rutledge puts a question mark over the fourth quarter results vis-à-vis Verizon (NYSE: VZ) FiOS competition."
For FY11 and FY12, the firm forecasts EPS of $0.89 and $1.27.
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.
The firm states CVC's long-term valuation remains intact, while its short-term expectations are shadowed by recent management changes. Within the past few weeks, the company's President of its Cable Communications, John Bickham, announced his resignation and just yesterday, COO Tom Rutledge, announced he will also be resigning.
Miller Tabak comments the resignation of "Tom Rutledge puts a question mark over the fourth quarter results vis-à-vis Verizon (NYSE: VZ) FiOS competition."
For FY11 and FY12, the firm forecasts EPS of $0.89 and $1.27.
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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