UPDATE: ISI Group Downgrades Cablevision to Hold, Lowers PT to $25

ISI Group downgrades its rating on Cablevision (NYSE: CVC) to Hold and lowered its PT by $2 to $25 per share after COO Tim Rutlege resigned in a surprise announcement.

ISI Group says, "The departure of Cablevision's “key man” comes at a tenuous time for the company. In recent quarters, especially Q3, it appeared that things might have finally been catching up with Cablevision, and there was a real sense amongst investors that the company might have been a victim of its own past successes – or worse yet, that things might have structurally changed. To the extent Mr. Rutledge is choosing to depart for the latter reason, expectations for 4Q and 2012 might (justifiably) be negatively impacted." CVC closed at $13.93 per share on Thursday.