BofA is moving to No Rating on Altice USA (ATUS) as the firm believes the shares are no longer trading on fundamentals following Bloomberg’s report yesterday claiming that Charter (CHTR) is weighing a potential acquisition. Given that Altice is highly penetrated and has lost broadband subscribers for three consecutive years, the firm does not believe that Charter would be interested in paying any “significant premium” to market for Altice USA’s assets, the analyst tells investors. BofA maintains a Neutral rating on Charter as the firm awaits more clarity around a potential deal.
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