Charter Communications (CHTR) PT Lowered to $380 at RBC Capital Ahead of 4Q24

RBC Capital analyst Jonathan Atkin lowered the price target on Charter Communications (NASDAQ: CHTR) to $380.00 (from $390.00) while maintaining a Sector Perform rating.

The analyst commented: "We have tweaked our model for the impacts of various natural disasters and other minor adjustments. We expect the company’s subscriber performance to benefit from new plans introduced in September, but anticipated broadband ARPU will be pressured going into FY25. We trim our price target to $380 (from $390) on higher interest rate assumptions vs. our prior model.

. For 4Q24, we expect wider residential internet net losses at 120K (prior RBCe/consensus: -70K/-141K). On the back of the revision of residential internet losses, we have also widened our estimate of residential video losses to 233K (prior RBCe/ consensus: -218K/-242K). The aforementioned changes had a minor impact on consolidated financials. For Revenue/EBITDA/FCF in 4Q24, we expect $13.9B/$5.7B/$0.6B vs. consensus of $13.9B/$5.7B/$0.7B, with the delta at FCF driven by our higher assumptions on Capex and mobile WC."

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