UPDATE: Wunderlich Lowers PT on Cablevision Systems to $32

Wunderlich is out with its report today on Cablevision Systems CVC, to $32 from $44. In its report, Wunderlich writes, "We remain generally upbeat on Buy-rated Cablevision Systems moving into tomorrow's transitional earnings. We have not published on CVC since the Rainbow spin on June 30; the price target reduction to $32 from $44 is approximately 80% due to the spin and 20% attributable to the lower 1200 S&P 500 bogey that we now apply to our valuations." Shares of CVC closed Friday at $21.50.