UPDATE: New Street Research Upgrades Altice-USA (ATUS) to Buy
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New Street Research analyst Jonathan Chaplin upgraded Altice-USA (NYSE: ATUS) from Neutral to Buy with a price target of $15.00.
The analyst comments "Bloomberg reported today that Altice is considering a sale of its Suddenlink asset for as much as $20BN. This comes on the heels of comments from the CEO stating that they had "in-bound interest” in Suddenlink and that "everything was on the table". We have been getting questions on a possible Suddenlink deal all week, so the story isn't a huge surprise. We think a deal is reasonably likely. The probability weighted upside is compelling enough for us to upgrade the stock, even after the move today. Our new target is $15 based on 50% odds of a taxed cash deal. We run through implications for Altice and the sector in this brief note."
Shares of Altice-USA closed at $11.23 yesterday.
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