UPDATE: Citi Downgrades Cablevision Systems

Earlier today Citigroup downgraded shares of Cablevision Systems Corporation

from Neutral to Sell and maintained a $17 price target. In the note, Citigroup analyst, Jason Bazinet explained that Windstream

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.