BTIG Downgrades Cablevision (CVC) to Neutral; What Happened? It’s Time for Jim Dolan to "Fess Up"
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Price: $34.87 --0%
Rating Summary:
7 Buy, 18 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
Rating Summary:
7 Buy, 18 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
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BTIG downgraded Cablevision (NYSE: CVC) from Buy to Neutral.
BTIG analyst said, "Given the lack of a cohesive story from Cablevision management Friday, their lawyers pulling an all-nighter and disbelief that Rutledge was leaving for another cable company (announced he was joining Charter (Nasdaq: CHTR) yesterday) illustrates to us that management was “NOT” expecting Rutledge to leave abruptly Thursday (interestingly, just after his options vested)."
"However, we believe “at least” the Dolans knew Rutledge was unhappy. We believe something really bad transpired between Jim Dolan and Tom Rutledge in recent weeks. We want to know what happened and whether Rutledge gave the company written notice last month related to a breach of his contract and whether the company knowingly failed to correct the breach, providing Rutledge “Good Reason” termination."
"The mistake we made in maintaining our BUY rating was not truly understanding who/what was driving several of the decisions/shortfalls over the past 18 months. We focused, instead, on how compelling CVC’s valuation was based on its robust free cash flow generation."
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 $13.00 yesterday.
BTIG analyst said, "Given the lack of a cohesive story from Cablevision management Friday, their lawyers pulling an all-nighter and disbelief that Rutledge was leaving for another cable company (announced he was joining Charter (Nasdaq: CHTR) yesterday) illustrates to us that management was “NOT” expecting Rutledge to leave abruptly Thursday (interestingly, just after his options vested)."
"However, we believe “at least” the Dolans knew Rutledge was unhappy. We believe something really bad transpired between Jim Dolan and Tom Rutledge in recent weeks. We want to know what happened and whether Rutledge gave the company written notice last month related to a breach of his contract and whether the company knowingly failed to correct the breach, providing Rutledge “Good Reason” termination."
"The mistake we made in maintaining our BUY rating was not truly understanding who/what was driving several of the decisions/shortfalls over the past 18 months. We focused, instead, on how compelling CVC’s valuation was based on its robust free cash flow generation."
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 $13.00 yesterday.
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