Deutsche Bank Reiterates Hold Rating, $17 PT on Cablevision Systems Corporation

In a report published Friday, Deutsche Bank reiterated its Hold rating and $17.00 price target on Cablevision Systems Corporation CVC. Deutsche Bank noted, “We continue to view 2012 as investment year with mgmt holding off on price increases, ramping capex spending and aggressively marketing triple-play promotions (i.e., discounting) to shore up subscriber trends, while also going through a programming renewal bubble (4Q12-3Q13). At 10x ‘13E fully-taxed FCF, valuation is now appropriate, but we prefer to wait for visibility as to mgmt's 2013 and beyond investment strategies and for street estimates to move to our level.” Cablevision Systems Corporation closed on Thursday at $14.16.