According to Goldman Sachs, Cablevision Systems CVC estimates are updated to reflect the spin of AMC Networks. Pro forma, the new 2011-2013 CVC EPS is now $1.23/$1.33/$1.69 (from $1.45/$1.64/$2.12 previously).
Goldman Sachs said that its 12-month PT is $25 (from $29), as negative impacts from loss of AMC (-$8-$9) are offset by a higher Cable multiple post-spin. “Our 12 month $25 price target is the average of our DCF/SOP valuations.”
Cablevision Systems closed yesterday at $36.21.
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Posted In: Analyst ColorAnalyst RatingsBroadcasting & Cable TVCablevision Systems CorpConsumer DiscretionaryGoldman Sachs
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