Cablevision Taps Out

2/01/2004 7:00 PM Eastern

Sanford Bernstein & Co. cable analyst Craig Moffett lowered his rating on Cablevision Systems Corp. to "market perform" from "outperform" after he wrote in a research report that the stock's recent rally has pretty much exhausted its upside potential.

Cablevision stock has appreciated about 42% since October — it was priced at $25.92 per share Jan. 28, down 28 cents. In his report, Moffett said the upside prospects for Cablevision stock now lie in potential "windfall events" — the sale of the MSO to Time Warner Inc., or the sale of its Voom direct-broadcast satellite service. Strong performance in its core cable assets has largely already been factored into the stock's price, Moffett wrote.

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