Charter price target lowered to $450 from $470 at JPMorgan

JPMorgan analyst Philip Cusick lowered the firm’s price target on Charter to $450 from $470 and keeps an Overweight rating on the shares. Charter reported mixed Q4 results, with strong broadband but weaker financials, as marketing ramped in part to support strong wireless subscriber additions, the analyst tells investors in a research note. The firm says says share upside from the $400 level is getting harder to justify given the company’s high capital expenditure in the next three years. However, Charter is running a good business, says the analyst, who expects low to mid-single digit EBITDA growth from here through a combination of slow broadband growth and price increases.