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Cablevision likely to be sold, may be worth $20 per share, says Citigroup

Citigroup said this morning in a note to investors that it expects Cablevision (CVC) to be sold. Citi sees Time Warner Cable (TWC) and Charter (CHTR) as the most likely buyers of Cablevision and says the company could be worth $20 per share in a takeover. The firm believes Cablevision's share price performance post its Q4 results indicate that most on the buy-side expect Cablevision will be sold. Citi says that absent a takeover, Cablevision could drift towards $11 per share. The firm keeps a Buy rating on Cablevision, but lowered its price target for shares to $18 from $19.25.