Cable One price target lowered to $900 from $1,110 at KeyBanc

KeyBanc lowered the firm’s price target on Cable One to $900 from $1,110 and keeps an Overweight rating on the shares. Cable One’s results surprised negatively, as high single digit average revenue per user slipped, while subscriber growth was in line with estimates, the analyst tells investors in a research note. 2024 is a transition year for Cable One, with the company pivoting from targeting high-end customers to focusing on driving penetration in the low end, which should lead to lower high single digit ARPUs and lower EBITDA, but higher subscriber growth, the firm says.