Shares of broadband and cable services provider Charter Communications (NASDAQ:CHTR) are tanking today after its $10 billion capital expenditure plans spooked investors.
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The company is looking at the financial outlay to deliver faster speeds and better device coverage for subscribers. CHTR is looking at a $5.5 billion expenditure in network evolutions.
For 2023, the company is looking at a core expenditure in the range of $6..5 billion and $6.8 billion, and a further $4 billion in line extensions.
Shares of the company have now dropped nearly 35% over the past year. Analysts though, have a Moderate Buy consensus rating on CHTR alongside an average price target of $466.25.
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