Charter price target lowered to $280 from $300 at Citi

Citi analyst Michael Rollins lowered the firm’s price target on Charter to $280 from $300 and keeps a Neutral rating on the shares. Charter reported “underwhelming” Q1 results as core broadband subscriber losses continued ahead of the likely discontinuation of the Affordable Connectivity Program program during Q2, the analyst tells investors in a research note. The firm says that while sell-side expectations are starting to incorporate the longer-term risks to broadband volume for Charter, the consensus may still be too optimistic on the EBITDA outlook in 2025 given the carryover risk from ACP.