Benchmark lowered the firm’s price target on Charter (CHTR) to $490 from $575 and keeps a Buy rating on the shares following CFO Jessica Fischer indicating at the UBS Global Media and Communications Conference that Q4 broadband additions are likely to be negative. Benchmark’s model now allows for a 49,000 in Q4 residential broadband unit losses, but the firm says Charter’s new video programming template with Disney (DIS) should be positive for preserving long-term video tail value as well as broadband pricing power.
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