UPDATE: Bernstein Downgrades Charter Communications (CHTR) to Market Perform
Bernstein analyst Peter Supino downgraded Charter Communications (NASDAQ: CHTR) from Outperform to Market Perform with a price target of $788.00.
The analyst comments "This is hard. We remain convicted about Charter's business plans, financial strategies, and structural competitive position in most of the US. We think that supply growth in the medium-term should not dramatically change Charter's FCF/share trajectory. In a low interest rate world, Charter's 5.2% 2021 levered FCF yield seems reasonable, and since we expect double digit FCF/share growth over the next five years, we continue to see a capital appreciation opportunity in the stock. We expect competition from T-Mobile in the value segment to cause negative revisions of Charter's KPI – 2022-23 consensus Internet net additions. In the premium segment of the market, we expect pockets of elevated competition from AT&T Fiber to pressure ARPU modestly and cap net add forecasts."
Shares of Charter Communications closed at $736.47 yesterday.
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