Earlier today Citigroup downgraded shares of Cablevision Systems Corporation CVC from Neutral to Sell and maintained a $17 price target.
In the note, Citigroup analyst, Jason Bazinet explained that Windstream WIN has opened the door into the REIT space for other Telco & Cable firms. However, Bazinet said it is unlikely that Cablevision will convert to a REIT because it would complicate a future sale.
Bazinet's downgrade of Cablevision comes amid the recent run-up in its share price and presumed low probability that the company will convert to a REIT.
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