UPDATE: Deutsche Bank Initiates Coverage on Charter Communications with Hold Rating, $83 PT

In a report published Friday, Deutsche Bank initiated coverage on Charter Communications

with a Hold rating and $83.00 price target. Deutsche Bank noted, “Numerous operational changes intended to position CHTR, the 3rd largest U.S. cable provider, for accelerated long-term growth and improved profitability per customer and home passed could prove disruptive in the short-term, including for sub growth (sales force incentives were redesigned), pricing growth (pricing was completely revamped) and margins (many outsourced functions are being brought back in-house). We prefer greater visibility on the near-term impact from the new operational strategies before being willing to more aggressively discount what we see as a potentially terrific long-term growth opportunity at CHTR under new, highly capable senior management.” Charter Communications closed on Thursday at $77.75.