Miller Tabak media analyst David Joyce selected Cablevision Systems
as his top stock pick for 2011, citing the cable company's strong
commitment to returning value to shareholders.
Joyce slapped a "buy"
rating and a $44 per share 12-month price target on the stock, citing
such shareholder friendly actions as its planned spin-off of Rainbow Media Holdings,
a 25% increase in its dividend, a share repurchase program and its
intent to keep leverage in the 4-to-5 times cash flow range, implying
that more buybacks or acquisitions could be in the hopper over time.
"We
expect the media stocks with catalysts demonstrating
shareholder-friendly moves, and an ability to remain competitive in the
face of, and leveraging, the rapidly-evolving digital landscape, to have
the best performance in 2011," Joyce wrote.
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