UPDATE: Jefferies Reiterates Hold Rating, Lowers PT on Cablevision Systems Corporation on Weak 4Q Results

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

, but slightly lowered its price target from $17.00 to $16.00. Jefferies noted, “CVC reported weak 4Q results, in our view, with lower sub adds and AOCF, and in-line adjusted revenues. CVC noted that content costs climbed 12% YoY in 2012 and it expects a similar increase this year. Given the level of competition in CVC's markets from FiOS and the recent broadband price hike, we believe the company has few levers to pull to offset the margin pressure. Maintaining Hold.” Cablevision Systems Corporation closed on Tuesday at $13.88.