- Wells Fargo analyst Steven Cahall downgraded Charter Communications Inc CHTR to Underweight from Overweight with a price target of $665, down from $848, implying a 6% downside.
- Cahall is now taking a more bearish stance on the Cable sector's outlook and thinks the sector faces more competition for broadband subscribers industry-wide as penetration is now high. Additionally, Telco's fiber builds will result in more passings and more competition for market share.
- The analyst now thinks residential broadband growth will slow and that free cash flow estimates need to decrease.
- Price Action: CHTR shares traded lower by 4.49% at $708.62 on the last check Friday.
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