Charter price target lowered to $460 from $480 at RBC Capital

RBC Capital analyst Kutgun Maral lowered the firm’s price target on Charter to $460 from $480 and keeps an Outperform rating on the shares. Charter’s investor meeting provided an attractive outlook for its network evolution, footprint expansion, converged go-to-market strategy, and efforts around improving the customer experience, Maral tells investors in a research note. The analyst is encouraged that the target cost to upgrade the network is only ~$100 per passing, and while the analyst walked away with the firm’s constructive longer-term outlook reaffirmed, he is cautious on how the free cash flow cuts will be digested.