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UPDATE: Morgan Stanley Downgrades Charter Communications to Equal-Weight, Raises PT

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In a report published Monday, Morgan Stanley downgraded its rating on Charter Communications (NASDAQ: CHTR) from Overweight to Equal-Weight, but raised its price target from $80.00 to $85.00.

Morgan Stanley noted, “We based our OW thesis on CHTR's potential FCF/share growth as a function of accelerating EBITDA, falling capex, & buybacks. Market confidence in this thesis can be seen in CHTR's move from a discount to a premium multiple on '14 EBITDA and FCF, and its equity performance (up 106% since YE10, 40% YTD). This plus modestly lower EBITDA and a higher capex outlook (our '14E FCF/share falls from $9 to $6.50), leads us to move TWC to our top pick in cable.”

Charter Communications closed on Friday at $79.43.

Latest Ratings for CHTR

DateFirmActionFromTo
Feb 2015Moffett NathansonDowngradesBuyNeutral
Feb 2015WunderlichMaintainsBuy
Nov 2014JefferiesMaintainsHold

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Posted-In: Morgan StanleyAnalyst Color Downgrades Analyst Ratings

 

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