KeyBanc last night downgraded Charter (CHTR) to Sector Weight from Overweight without a price target The company’s residential revenue figures missed expectations in Q3, as did its adjusted EBITDA and broadband net subscriber additions, the analyst tells investors in a research note. The firm says that with fiber builds from competitors, Charter’s penetration is still “unreasonably high” at 48%. If the company’s broadband subscriber declines accelerate from here, the company’s free cash flow trajectory “won’t matter,” contends KeyBanc.
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