It’s Worth $47! No, Wait, It’s Worth $22!
The least helpful call you will see today from Wall Street’s collective Finest surely comes from Pali Research and has to do with Cablevision.
Now, Pali may in fact be a fine organization, with terrific moneymaking ideas to its credit. But we have to call them as we see them, which, in this case, is none too helpful for investors who have owned the stock since last fall, when it was trading close to $40 on the heels of a Dolan Family takeover bid, subsequently rejected by the Cablevision board. Seems that, owing to doubts about the intentions of the Dolan family raised on last week’s earnings call, in which James Dolan admitted to grand intentions of buying music venues as opposed to trying to buy the company again, Cablevision shares rate a “Sell” as opposed to “Buy,” and the research firm’s target price for those shares, which was $47 per share last week, today drops to $22.
The Dolans, last we checked, have been running Cablevision pretty much since the Dolan family founded the company. Thus, we here at NotMakingThisUp nominate the Cablevision Call the Least Helpful Call You Will See Today. Of course, the day is still young.
Jeff Matthews I Am Not Making This Up
© 2008 Not Making This Up LLC The content contained in this blog represents the opinions of Mr. Matthews. Mr. Matthews also acts as an advisor and clients advised by Mr. Matthews may hold either long or short positions in securities of various companies discussed in the blog based upon Mr. Matthews’ recommendations. This commentary in no way constitutes a solicitation of business or investment advice. It is intended solely for the entertainment of the reader, and the author.