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Fly News Breaks for June 2, 2015
CVC
Jun 2, 2015 | 09:49 EDT
As previously reported, Citi downgraded Cablevision (CVC) to Sell from Neutral. The firm believes Altice's acquisition of Verizon's (VZ) local wireline operation will allow it to expand its U.S. footprint in the Northeast, creating a potentially disruptive entrant that may expand the FiOS footprint. Additionally, Citi believes the deal will remove at least $4 per share in M&A premium in Cablevision equity. As part of the downgrade, Citi added Cablevision to the the Focus List US and maintained its $21 price target.
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