Cable One price target lowered to $514 from $703 at JPMorgan

JPMorgan lowered the firm’s price target on Cable One to $514 from $703 and keeps a Neutral rating on the shares post the Q4 results. The company reported in-line subscriber results but softer revenue and EBITDA on the back of weaker broadband revenue per user due to heightened promotional activity, the analyst tells investors in a research note. The firm is “somewhat cautious” about the company’s strategic pivot pressuring average revenue per user despite its comments about higher speed take rates on gross additions. JPMorgan worries about the trajectory of Cable One’s EBITDA as the company’s back-book pricing is pressured and spending increases from increased gross add activity.