As previously reported, Exane BNP Paribas downgraded Altice USA (ATUS) to Underperform from Neutral with a $1 price target. The firm, which notes it had recently upgraded shares to Neutral on the upside risk of a buyout by Charter (CHTR), sees this upside risk as reduced following its new work on the headwinds facing both companies this year, the analyst tells investors. The firm’s work on fiber overbuild suggest Altice will have the highest level of fiber overbuild in the long run, implying a lower multiple, the analyst added.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ATUS:
- Krispy Kreme upgraded, Altice USA downgraded: Wall Street’s top analyst calls
- Wells downgrades Altice USA to Underweight, skeptical on takeover
- Altice USA downgraded to Underweight from Equal Weight at Wells Fargo
- French prosecutors open corruption probe into Altice, Bloomberg reports
- Charter CEO says ‘generally like cable M&A,’ bar is ‘high’