UPDATE: Collins Stewart Downgrades Cablevision

According to a research report published earlier today, Collins Stewart has downgraded Cablevision Systems Corp.

from Buy to Hold. Collins Stewart commented in the report, “With lower 2012 (and out year) OCF and FCF est, our target declines from $30 to $16.50. Moreover, with the likelihood for most 2012 financial metrics to be flat to down (vs pro forma 2011), we don't expect multiple improvement unless a fundamental turnaround becomes apparent. The chief risk to our downgrade is a privatization attempt of CVC. While it is of course possible, we expect it is unlikely given the current lackluster OCF and FCF growth and the consequent higher implied leverage.” Collins Stewart maintains its $16.50 PT on Cablevision, which is currently trading at $14.19.