Loop Capital analyst Alan Gould lowered the firm’s price target on Charter (CHTR) to $390 from $405 and keeps a Hold rating on the shares. While the company reported better-than-expected subscribers number, particularly in broadband, its free cash flow was nearly 40% below consensus, the analyst tells investors in a research note. In a low residential move environment, Loop Capital sees "only low-single-digit revenue and EBITDA growth in 2023". The stock typically trades at a slightly premium to Comcast (CMCSA) on Enterprise Value to expected EBITDA basis, but the two names should be closer to parity as the Street digests Charter’s higher near-term spending, the firm adds.
Published first on TheFly
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