Charter Communications (CHTR) PT Lowered to $759 at Goldman Sachs

Goldman Sachs analyst Brett Feldman lowered the price target on Charter Communications (NASDAQ: CHTR) to $759.00 (from $818.00) while maintaining a Buy rating following "mixed" Q3 results.

The analyst has three takeaways: 1) Similar to our outlook for Comcast, we believe broadband growth is likely to show further moderation from recent record levels, and the debate over the 'right' outlook for Charter's net adds is likely to persist into 2022. We have lowered our broadband net adds estimate for 2022 from 1.3mn to 1.1mn, which we see as a more sustainable run-rate. 2) In the near term we see higher EBITDA driven by lower costs as a result of lower sales activity, but trim our longer-term estimates to reflect fewer broadband subs. 3) We continue to expect that Charter will sustain material buybacks, which we estimate at >$80bn over the next 5 years (~60% of CHTR's market cap).

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