Downgrade Alert for Cablevision Systems (CVC)
Cablevision Systems (NYSE:CVC) was downgraded from Outperform to Neutral at Macquarie today. The stock closed yesterday at $19.48 on volume of 2.3 million shares, below average daily volume of 3.7 million.
In the past 52 weeks, shares of Cablevision Systems have traded between a low of $13.21 and a high of $20.16 and closed yesterday at $19.48, which is 47% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 1.9%.
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.
Cablevision Systems (NYSE:CVC) defies analysts with a current price ($19.48) 18.0% above its average consensus price target of $15.97. The stock should discover initial support at its 50-day moving average (MA) of $17.19 and subsequent support at its 200-day MA of $15.49.
SmarTrend recommended that subscribers consider buying shares of Cablevision Systems on June 27th, 2013 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $16.24. Since that recommendation, shares of Cablevision Systems have risen 20.0%. We continue to monitor CVC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: analyst upgrades/downgrades cablevision systems