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CSFB Cuts Mediacom to 'Underperform'


CS First Boston downgraded Mediacom Communications (MCCC) to underperform from neutral.

Analyst Lara Warner says she expects a significant slowdown in Mediacom's growth rate in 2004 to 6.6% revenue and 5.1% EBITDA growth. She notes, coincident with the second-quarter earnings per share report, Mediacom cut the 2003 guidance for basic subscribers, revenues, and EBITDA due to worse-than-expected basic subscriber losses. She cut her 2003 revenue and EBITDA estimates to $1.006 billion and $410 million, from $1.012 billion and $420 million, respectively.

Also, Warner cut the 2004 revenue and EBITDA estimates to $1.072 billion and $431 million, from $1.102 billion and $455 million, respectively. She also widened the 82-cent 2003 loss estimate to a $1.09 loss, and widened the 43-cent 2004 loss to a 70-cent loss. Warner lowered the $11 target to $7.


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