CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:
We keep our 12-month target at $450, applying an EV/EBITDA multiple of 7.4x to our ’24 estimate, comparable to the peer average, reflecting recent results. We trim our ’23 EPS estimate by $0.57 to $31.65 and cut ’24’s by $0.70 to $38.00. CHTR reported Q3 operating EPS of $8.25 vs. $7.38, $0.14 above the consensus. Q3 revenue increased 0.2%, driven by 33.8% growth in mobile service revenue, online growth, and higher bundled revenue allocation, as well as a 3.7% increase in internet revenue, driven by promotional rate step-ups and rate adjustments, partially offset by a 20.3% decline in advertising, impacted by lower political spending and a more challenging advertising market overall. Total internet net losses were 12k, while residential video customers fell by 320k and residential voice customers declined 288k, with residential mobile customers growing by 382k. While the mobile net addition figure was strong, we expect to continue to see weakness in CHTR’s internet business, similar to what we saw with CMCSA.