UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on Cablevision Systems Corporation

In a report published Wednesday, Deutsche Bank reiterated its Hold rating on Cablevision Systems Corporation

, and raised its price target from $15.00 to $17.00. Deutsche Bank noted, “Maintain Hold Rating. We continue to view 2012 as investment year with mgmt holding off on price increases, pulling forward capex spending and discounting to shore up subscriber trends, and the timing of a return to core EBITDA and FCF growth remains uncertain (will 2013 be another investment year?), while execution uncertainty remains given mgmt turnover. At 12.6x ‘13E fully-taxed FCF, we do not see an appealing enough risk discount at this stage, especially given CVC's maturity (lack of growth).” Cablevision Systems Corporation closed on Tuesday at $17.89.