Rosenblatt downgrades Charter on ‘muted’ cable fundamentals

Rosenblatt downgraded Charter Communications (CHTR) to Neutral from Buy with a price target of $335, down from $472. The firm narrowed its exposure to cable but keeps a Buy rating on Charter-derivative Liberty Broadband (LBRDK). Cable fundamentals are in a “muted place” and remain intractable, which should lead to lower trading multiples persisting, the analyst tells investors in a research note. The firm believes Liberty Broadband remains relatively attractive because of its discounted capital structure.