Downgrade Alert for Cablevision Systems (CVC)
Cablevision Systems (NYSE:CVC) was downgraded from Buy to Hold at Canaccord Genuity today. The stock closed yesterday at $14.02 on volume of 4.0 million shares, above average daily volume of 3.1 million.
Cablevision Systems has overhead space with shares priced $14.02, or 17.2% below the average consensus analyst price target of $16.94. The stock should find initial resistance at its 200-day moving average (MA) of $14.48 and further resistance at its 50-day MA of $16.23.
Over the past year, Cablevision Systems has traded in a range of $10.76 to $18.86 and closed yesterday at $14.02, 30% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.5%.
Cablevision Systems Corporation provides telecommunications and entertainment services. The Company has operations in multimedia delivery, subscription cable television services, championship professional sports teams, and national television program networks.
SmarTrend recommended that its subscribers protect gains by selling shares of Cablevision Systems on November 5th, 2012 by issuing a Downtrend alert when the shares were trading at $16.54. Since that call, shares of Cablevision Systems have fallen 15.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
Keywords: analyst upgrades/downgrades cablevision systems