Charter price target lowered to $290 from $340 at Wells Fargo

Wells Fargo analyst Steven Cahall lowered the firm’s price target on Charter to $290 from $340 and keeps an Equal Weight 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 Charter shares are “washed out.” The firm believes broadband and subscriber trends have deteriorated over the last six months and will continue to be a headwind to cable valuations.