Raymond James Downgrades Charter Communications (CHTR) to Outperform
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Raymond James analyst Frank Louthan downgraded Charter Communications (NASDAQ: CHTR) from Strong Buy to Outperform with a price target of $500.00 (from $600.00).
The analyst commented, "We are lowering our rating on Charter to Outperform from Strong Buy due to its increased leverage that we believe will make it difficult to outperform as recessionary fears materialize. As we point out elsewhere, the need for broadband should increase in this environment (likely explaining why it is only down 16.3% since 2/19/20, better than the market), with some offsetting margin pressure from additional benevolent actions undertaken by Charter and at the behest of the FCC."
Shares of Charter Communications closed at $454.19 yesterday.
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