Deutsche Bank Downgrades Cablevision (CVC) to Hold; Time To Review
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Price: $34.87 --0%
Rating Summary:
7 Buy, 18 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 16 | New: 37
Rating Summary:
7 Buy, 18 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 16 | New: 37
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Deutsche Bank downgraded Cablevision (NYSE: CVC) from Buy to Hold.
Deutsche analyst said, "2012 will be an investment year as management has decided to hold off on price increases and pulled forward capex spending, pushing off a potential return to core EBITDA and FCF growth until 2013, while execution uncertainty has intensified given significant management turnover and the decision not to replace the departed cable CEO."
"Also of note, while M&A speculation has surrounded CVC as long as we have covered the stock, we neither expect the Dolans are suddenly interested in selling the company, nor do we believe an LBO is practical given the difficulty leveraging the company until market shares and operating performance have stabilized. We believe the stock buyback is slowing to ~$300m in 2012 from $540m in 2011."
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 $14.56 yesterday.
Deutsche analyst said, "2012 will be an investment year as management has decided to hold off on price increases and pulled forward capex spending, pushing off a potential return to core EBITDA and FCF growth until 2013, while execution uncertainty has intensified given significant management turnover and the decision not to replace the departed cable CEO."
"Also of note, while M&A speculation has surrounded CVC as long as we have covered the stock, we neither expect the Dolans are suddenly interested in selling the company, nor do we believe an LBO is practical given the difficulty leveraging the company until market shares and operating performance have stabilized. We believe the stock buyback is slowing to ~$300m in 2012 from $540m in 2011."
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 $14.56 yesterday.
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