Morgan Stanley Sees Cablevision Systems as Executing Well Against a Uniquely Tough Backdrop

In a report published Friday, Morgan Stanley analyst Benjamin Swinburne reiterated an Underweight rating and $12.00 price target on

. In the report, Morgan Stanley noted, “We reiterate our UW rating and $12 PT, or 7 times ‘15E EBITDA and 22 times FCF. Following 4Q results the outlook for 2014 has improved, notably, with the anticipation of EBITDA growth driven by (1) headcount reduction in 4Q13, (2) lower truck roll and customer service costs and (3) top-line growth driven by price increases from last year, add-on fees and reduced promotional activity.” Cablevision Systems closed on Thursday at $17.41.