Moffett Rethinks TV Sector

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Influential Sanford Bernstein cable and satellite analyst Craig Moffett reduced his 12-month targets for a handful of cable and satellite stocks and raised them slightly for Comcast and Time Warner Cable, adjustments made in light of continued basic customer losses and the recent upheavals in the overall stock market.
Moffett had the harshest view for Cablevision Systems, reducing his 12-month price target for the stock from $27 per share to $20 per share, citing disappointing second quarter results and his expectation for further losses. The analyst maintained his "market perform" rating on the stock, though...

...In his report, Moffett said the double whammy of customer losses and the overall market malaise has hit the stocks hard. He added that despite outperforming expectations on financial metrics, "the story is now about subscribers." Cable and satellite lost more customers than ever in the second quarter, which has fueled some fears that cord-cutting is back. Coupled with the downturn in the stock market - the Dow Jones Industrial Average has sunk more than 1,800 points in the past month - and it has not been a good time to be a cable investor.
Read More: Moffett Rethinks TV Sector - 2011-08-24 14:20:07 | Multichannel News
 
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