UPDATE: Deutsche Bank Raises PT on Cablevision Systems to $41 (CVC)

Deutsche Bank is out with its report today on Cablevision Systems

, raising its PT from $39 to $41. In a note to clients, Deutsche Bank writes, "CVC enjoys a unique cable footprint with dominant market share, leading network density / efficiency, attractive consumer dynamics, and the greatest relative SME opportunity. Mgmt has fended off first DBS and then FiOS. We expect 5% core revenue & EBITDA CAGRs. Return of capital has ramped nicely. It is sustaining 4+x debt leverage. The Rainbow spin-off should simplify company. 13% upside to new target, Buy. CVC trades at 13x ‘11E fully-taxed FCF, 10.3x ‘12E and 9.6x ‘13E, a healthy yield relative to its stable competitive position. Our DCF-based target is raised $2, from $39 to $41, due to fine tuning forecast & updating inputs." Shares of CVC closed Wednesday at $36.46.