Wells Fargo analyst Steven Cahall downgraded Altice USA to Underweight from Equal Weight with a price target of $1, down from $2. The analyst thinks cable trends remain difficult with Altice USA “in the cross-hairs.” The potential for a takeover is less likely than what’s priced into the shares, the analyst tells investors in a research note. Wells thinks the market is being overly optimistic that Altice USA will transact. Its cable industry analysis details continued pressures, lower estimates, and target cuts.
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