NEW YORK (TheStreet) -- Cablevision (CVC) shares are up 14.77% to $24.01 in afternoon trading on Wednesday after the cable television provider had its rating upgraded to "buy" from "hold" by analysts at Pivotal Research Group today.
The firm also raised the company's price target to $31 from $18, suggesting a potential 22.5% increase from the stock's current trading price.
The stock is also being helped today by reports that the industry may be consolidating as French cable company Altice SA (ATC) is preparing to bid for Time Warner Cable (TWC), according to Reuters.
Negotiations between the two companies are still in their early stages and it is possible that no deal is reached, according to Reuters sources. Neither company has commented on the reports.
TheStreet Ratings team rates CABLEVISION SYS CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate CABLEVISION SYS CORP (CVC) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, weak operating cash flow and feeble growth in the company's earnings per share."