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Given Charter Communications Inc’s (NASDAQ:CHTR) recent price increase, estimates for 2020 appear overly conservative, according to KeyBanc Capital Markets.
The Analyst
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KeyBanc’s Brandon Nispel upgraded Charter Communications from Neutral to Overweight and established a price target of $515.
The Thesis
Broadband continues to be a significant secular driver, as Charter Communications would benefit from increased penetration rates and higher ARPUs (average revenue per user) due to increase download speed take rates, Nispel said in the upgrade note.
He added that the company also seems poised to benefit from an overall mix shift to higher-margin “Growth Business.”
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Charter Communications has started informing customers of price increases from October. This includes price hikes for Spectrum Video packages, Broadcast TV and standalone internet. “While we expect a modest negative impact on Video and Broadband subscribers, our Residential Video and Broadband estimates move significantly higher,” Nispel wrote.
He raised the revenue estimates for 2019 and 2020 from around $45.52 billion to $45.77 billion and from $47.82 billion to $48.58 billion, respectively.
Competition from Fiber to the Home providers and potential 5G Home launch is unlikely to limit Charter Communications’ opportunity over the next two to three years, the analyst added.
Price Action
Shares of Charter Communications were up 1.76% at $424.02 Friday morning.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.