Charter Communications (CHTR) PT Lowered to $750 at Pivotal Research, Following Earnings

Pivotal Research analyst Jeffrey Wlodarczak lowered the price target on Charter Communications (NASDAQ: CHTR) to $750.00 (from $800.00) while maintaining a Buy rating.

Analyst comments: "Our basic investment thesis remains unchanged that CHTR controls the best data mouse trap in the vast majority of its footprint for the foreseeable future, fixed 4G/5G are not credible medium/long term threats given their inability to scale as wireless/wireline bandwidth needs likely continue to accelerate (something that should become apparent to investors as early as 2H ’22) and in 5 years when CHTR is likely 50% overbuilt with fiber they will operate in an attractive duopoly structure in those markets with a cheap high quality wireless product as a key differentiator (which could be materially enhanced by an MVNO with DISH (BUY)). We also remind investors that using what we view as our conservative forecasts, assuming CHTR maintains its leverage at 4.5X, and uses free cash flow to retire stock at current share price levels CHTR could retire 50+% of its FD share count over the next 4 years and should Liberty (LBRDK, Buy) stop participating in the buyback CHTR could retire 75% = a nice wind at the back of the shares. Reiterate BUY rating."

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