Bargain Time For Mediacom

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First Union Securities Corp. raised its rating on Mediacom Communications Corp. from "buy" to "strong buy," setting a $24 per share 12-month price target. It cited the stock's recent decline, as well as opportunities resulting from its recent deal to buy more than 800,000 subscribers from AT&T Corp. "We believe MCCC is a new-found bargain, as it fell roughly 16.4 percent over the past 60 days, versus a flat performance by both the S&P 500 and the NASDAQ," First Union said in a report. Mediacom closed at $16.97 June 26, down 3 cents.