Mediacom Communications soars on analyst upgrade
Mediacom Communications Corp. (Nasdaq: MCCC) surged after investment bank Pali Research upgraded the cable service provider’s stock to “neutral” from “sell.” Analyst Richard Greenfield said losses related to sports programming are not going to be a future problem for the Middletown, N.Y.-based company.
Greenfield said he expects the company to continue to compete with the Big Ten Network, but the “greatest damage” to Mediacom’s subscriber base is already done. Big Ten Network is a joint venture between the Big Ten Conference and Fox Cable Networks. The Network has failed to strike deals with several cable providers, leading to subscriber losses.
In today’s trading, MCCC shares were up 14.81%, or $0.68, at $5.27. Over the last 52 weeks, shares have ranged from $3.75 to $10.40.
