MoffettNathanson Downgrades Charter Communications (CHTR) to Neutral

October 11, 2016 8:30 AM EDT
Get Alerts CHTR Hot Sheet
Price: $244.10 -1.83%

Rating Summary:
    20 Buy, 9 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 25 | Down: 28 | New: 8
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MoffettNathanson downgraded Charter Communications (NASDAQ: CHTR) from Buy to Neutral with a price target of $305.00.

Analyst Craig Moffett said the cable bull case is well-known and may be even better known for Charter. This is now working against it as consensus expectations have risen sharply, along with the stock which is outperforming in the S&P 500 by 25% YTD.

The firm's forecast are no longer materially above consensus and they now worry that capital allocation to wireless could trigger disappointment among investors singularly focused on share repurchase in support of end-of-decad FCF per share targets.

Although they continue to like the Charter story, the stock price now fairly reflects value.

Meanwhile, the firm continues to view Comcast (NASDAQ: CMCSA) as undervalued and remains overweight the sector.

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 $267.85 yesterday.

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