UPDATE: Pivotal Research Reiterates Hold Rating, Lowers PT on Cablevision Systems Corporation on Poor 4Q Results

In a report published Wednesday, Pivotal Research reiterated its Hold rating on Cablevision Systems Corporation

, but lowered its price target from $14.00 to $12.00. Pivotal Research noted, “We are updating our model post CVC's poor 4Q result (and their 10-K filing), which even ex a harder than expected hit from Hurricane Sandy were materially worse than expected on both RGU's and EBITDA as competition and large programming price increases hit results hard. Recall PSU's were (-65K) vs. our (-40K) and far too aggressive consensus +32K, while EBITDA (ex the sizeable effects of Hurricane Sandy) fell 17% dramatically below expectations. Post these results we initiated '13 quarterly estimates, reduced our RGU expectations in '13 and beyond moderately and increased our expense forecasts (driven by higher programming expenses). The combo drove a $2 decrease in our CVC YE'13 target price to $12.” Cablevision Systems Corporation closed on Tuesday at $13.88.