Charter Communications' (CHTR) Price Target Raised to $350 at Pivotal Research
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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.
Shares of Charter Communications closed at $276.08 yesterday.
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