JP Morgan upgraded Cablevision (CVC ) shares to buy from long term buy.
Analyst Jason Bazinet says he is upgrading the stock based on depressed valuation. He says 10 key issues have been weighing on the stock, including among other things the company's significant liability to Sony (SNE ) for set-top-boxes; poor performance by the company's pro sports teams; and the company's programming dispute with the YES Network. Of the 10 issues, he thinks many of them will likely be resolved within the next 12 months. On that theory, he believes investors who have a 12-month investment horizon will be rewarded.
He maintained $866 million 2002 EBITDA and $984 million 2003 estimates.