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.
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