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.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ATUS:
- GE Aerospace upgraded, AmEx downgraded: Wall Street’s top analyst calls
- Altice USA downgraded to Underperform at Exane BNP Paribas with $1 target
- Altice USA downgraded to Underperform from Neutral at Exane BNP Paribas
- Altice USA price target raised to $3.25 from $2.50 at Citi
- Krispy Kreme upgraded, Altice USA downgraded: Wall Street’s top analyst calls