Cable One downgraded to Underweight from Equal Weight at Wells Fargo

Wells Fargo analyst Steven Cahall downgraded Cable One to Underweight from Equal Weight with a price target of $680, down from $850. Slowing broadband subscriber growth, likely from competition, and a "dilutive" 2025 put to consolidate Mega Broadband are key negative catalysts that will de-rate shares of Cable One, the analyst tells investors in a research note. The firm says slower subscriber growth and "rapid" video declines warrant a lower multiple for the shares.