MoffettNathanson Downgrades Charter Communications (CHTR) to Neutral
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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.
Shares of Charter Communications closed at $267.85 yesterday.
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