UPDATE: Wunderlich Reiterates Buy, Lowers PT to $20 on Cablevision

Wunderlich Securities maintains its Buy rating on Cablevision (NYSE: CVC) as the company's COO, Tom Rutledge, announces departure.

Wunderlich comments, "After the close yesterday, Buy-rated Cablevision (CVC) announced that rock star COO Tom Rutledge, 58, is resigning with a search now in process for a successor. No reasons were specified, but it is possible that he could emerge as the next Charter Communications (CHTR-NR) CEO, or that he simply decided to de-stress from continual MMA competition with programmers and FiOS. His departure is not necessarily synonymous with any near-term Time Warner Cable (TWC-$62.24, Hold) bid or private equity deal, and may detract from topping the price given Rutledge's aura."

CVC closed at $13.93 per share on Thursday.