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We Initiate Coverage Of Cablevision Systems At Market Perform - Friedman Billings Ramsey Comments

(RealTimeTraders.com) - Friday, Friedman Billings Ramsey started coverage of Cablevision Systems Corp. (CVC) with a Market Perform rating, while it rated the overall cable services segment at Market Weight. Analyst Alan Bezoza established a price target of $21 for the stock.

According to the analyst, the company has about 3 Mln subscribers in the New York City metropolitan area. The analyst also remains encouraged by the recently launched voice service while remaining skeptical about the uptake due to the low quality offering.

Alan Bezoza stated, “Cablevision's recent subscriber losses and planned spin-off of Voom continue to highlight fundamental issues within the company, but we expect shares of Cablevision to benefit from several efforts.” The analyst established 2003 earnings estimate for a loss of $1.81 per share, and 2004 estimate for a loss of $1.07.

On Thursday, the stock closed at $21.55.

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