JPMorgan downgraded Altice USA to Underweight from Neutral without a price target. The analyst cites the company’s “lengthy” turnaround story as broadband momentum remains weak, elevated competition persisting, elevated leverage profile and limited cash flow generation, and low likelihood of an acquisition near term for the downgrade. The firm believes an eventual inflection in the business will take time. Meanwhile, it expects weak EBITDA, rising interest expense, and still elevated capex to pressure cash flow and leverage.
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