Fulcrum Global Partners analyst Richard Greenfield raised his rating on Insight Communications Co. to "neutral" from "sell," saying a recent downturn wiped out a premium price versus MSO peers.
In an Oct. 2 report, Greenfield said Insight was priced at 9.3 times 2004 estimated cash flow, in line with peers. Insight had declined 20% since Sept. 4, when Greenfield put on his "sell" rating.
Greenfield said he still expected Insight to reduce full-year 2003 guidance when it reports third-quarter earnings Oct. 29, but that's already reflected in the price. He also expects Insight to name a new COO to replace Kim Kelly, who resigned, by the time it reports earnings.