Charter price target lowered to $300 from $315 at BofA

BofA analyst Jessica Reif Ehrlich lowered the firm’s price target on Charter to $300 from $315 and keeps a Neutral rating on the shares after Charter reported “mixed” Q1 results characterized by in line broadband net losses, lighter than forecast revenue and higher than projected EBITDA on solid expense control. The firm, which forecasts Charter’s broadband subscriber losses to accelerate in Q2 and Q3, is reducing its 2024 broadband subscriber estimate. BofA now projects a net loss of 800,000 broadband subscribers and is also “significantly” increasing its video net losses as the environment remains challenging.