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Goldman Upgrades Cablevision Systems Rating

Goldman Sachs raised its investment recommendation on shares of Cablevision Systems (CVC) to market outperform from market perform.

Analyst Richard Greenfield believes the stock's valuation is increasingly attractive. He thinks the company's cable business alone is worth $16 per share. Assuming $1.9 billion in value for its non-cable assets, Greenfield has a $26 price target, 85% above current levels. He says the near-term catalyst to the story is the company's first-time ability to sell (all or part of) its PCS business (Northcoast) without severe tax implications, and in turn diminish its funding gap. The analyst further reduced his 2002 and 2003 EBITDA estimates to reflect concerns over Cablevision's digital rollout and the impact of the company's standoff with the YES Network.

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