Wunderlich Raising Price Target On Cablevision Systems Corporation (CVC)

Wunderlich Securities is raising its price target on shares of Cablevision Systems Corporation CVC to $44 from $38, and is keeping its Buy rating on shares. In a note to investors, Wunderlich states, "We are increasing our price target on Buy-rated Cablevision (CVC) to $44 from $38 off a higher 1350 S&P 500 assumption and the extension of our competitive overlay FiOS model out to 2015. Cablevision has better weathered competition than other MSOs and is the most pro-cyclical name given the large buckets of SME and ad dollars in the NY metro area. It has now finally deployed network DVRs in the Bronx that can behave as a cloud-based application for the whole home, while augmenting the MSO's superior CapEx efficiency. Buybacks, the MSG (MSG-NR) spin, and in-queue Rainbow spin are all very shareholder-friendly actions from management." Shares of CVC closed at $37.72 yesterday, a gain of 3 cents.