UPDATE: Citi Lowers Cablevision System's PT

According to a research report published this morning, Citi has lowered Cablevision System's

PT from $23 to $21. In the report, Citi said, "Cablevision's thinner management ranks, heavy FiOS overlap, high debt load, tepid top-line and elevated capex have all the hallmarks of a troubled stock. Indeed, the bear-case is the consensus. And, so far, we've been wrong and the bears have been right." Citi maintains its Buy rating on Cablevision Systems, which is currently trading at $11.55.