Charter Communications upgraded to outperform at RBC, sees 20% upside
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Charter Communications (NASDAQ:CHTR) is getting some positive commentary from Wall Street, as RBC Capital upgraded the stock, noting the 31% plunge since August is overdone.
Analyst Kutgun Maral upgraded the stock to outperform, but lowered the price target to $690 from $770, noting that the company's fundamentals will be "pressured" from telecom fiber and fixed wireless, the concerns over growth are "overblown."

"Meanwhile, we are 3.5%/4.0% ahead of consensus 2022/2023E EBITDA as moderating subscriber growth drives a lower cost structure, and we see upside to [free cash flow] and buybacks as well barring massive investments with mobile," Maral explained in a note to investors.
Charter shares are higher in pre-market trading, changing hands at $574.01, a gain of nearly 1%.
Maral added that it's likely that investor sentiment will "remain negative until there's greater visibility into improving broadband subs," but shares are "de-risked" at this point in time, with expectations that EBITDA and free cash flow could rise and provide "downside support."
Earlier this month, Charter Communications (CHTR) said that its marketing chief, Jon Hargis, would retire later this year.