UPDATE: Morgan Stanley Reiterates On Cablevision Systems On More Breathing Room

In a report published Tuesday, Morgan Stanley analyst Benjamin Swinburne reiterated an Underweight rating on Cablevision Systems (NYSE: CVC), and raised the price target from $12.00 to $14.00.In the report, Morgan Stanley noted, “We reiterate our UW rating but raise our PT from $12 to $14, which equates to ~6.8x times 2016E EBITDA. We now anticipate higher revenue and lower expenses for '14E vs. our prior forecasts due to: 1) lower truck roll and customer service cost, 2) reduced legal fees, 3) lower employee costs, and 4) top-line growth, as a result of price increases and less promotional activity. For the year, we expect ~7% AOCF growth, in line with the company's guidance of mid- to high-single-digit growth.”Cablevision Systems closed on Tuesday at $18.35.