Cable One price target lowered to $400 from $460 at Wells Fargo

Wells Fargo lowered the firm’s price target on Cable One to $400 from $460 and keeps an Underweight rating on the shares. The analyst is incrementally negative on cable, saying fiber is becoming a bigger headwind. The firm reduced estimates and target prices on an “incrementally negative backdrop.” Comcast (CMCSA) is the “best house in the hood, but lacks positives,” the analyst tells investors in a research note. Wells says Cable One has “enduring risk.” The firm believes broadband and subscriber trends have deteriorated over the last six months and will continue to be a headwind to cable valuations.