Charter Communications' (CHTR) Price Target Raised to $350 at Pivotal Research

September 26, 2016 8:53 AM EDT
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Price: $266.67 -2.16%

Rating Summary:
    21 Buy, 8 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 11 | Down: 31 | New: 42
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Pivotal Research maintained a Buy rating on Charter Communications (NASDAQ: CHTR) and raised its price target to $350.00 (from $333.00). Analyst Jeffrey Wlodarczak said he continues to like shares.

"We raised our admittedly conservative ’17 EBITDA forecasts driven by our belief that higher than forecast TWC/BH synergies are likely to mostly offset the temp negative effects from new packaging/pricing, a move to enhanced basic programming packaging, re-branding and the beginning of the effects of hiring ~20K employees. The change leads to an increase in our ’17 EBITDA forecast from $15.2B to $15.55B (vs. $15.7B consensus). We continue to forecast $30+ in free cash flow per share by 2019 (fully taxed). Assuming the previous target EBITDA multiples of 10X ‘17EV/’17 EBITDA (9X ’18) [adjusted for the NPV of CHTR’s still sizeable NOL] vs. the current 8.3X, 7.5X respectively, led to a $17 increase in our YE’17 target price to $350," said the analyst.

For an analyst ratings summary and ratings history on Charter Communications click here. For more ratings news on Charter Communications click here.

Shares of Charter Communications closed at $276.08 yesterday.



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