UPDATE: Canaccord Genuity Upgrades Cablevision Systems to Buy on Higher Revenue Outlook
Canaccord Genuity raised its rating on Cablevision Systems (NYSE: CVC) from Hold to Buy and increased its price target from $18 to $23.
Canaccord Genuity noted, "Essentially, despite CVC's recent appreciation, we expect further gains due to improving FY13 financials. More specifically, we expect CVC will raise rates, which will translate to higher FY13 revenue, AOCF and FCF than we had previously estimated. Additionally, we would not be surprised if the company reduced its leverage ratio with the sale of the recently acquired Bresnan Communications. Longer term, we believe it's likely that the Dolan family attempts again (for the third time) to take the company private."
Cablevision Systems closed at $18.39 on Friday.
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