Altice USA price target lowered to $3 from $4 at Evercore ISI

Evercore ISI lowered the firm’s price target on Altice USA to $3 from $4 and keeps an In Line rating on the shares. While stating that Altice management “continues to right the ship through tangible operational and financial improvements,” the firm adds that “transitions take time” and the broadband market continues to face macro and competitive headwinds “outside of the company’s control.” In addition, the firm expects continued volatility given that the equity remains “just a sliver of the cap structure.”