BNP downgrades Cable One to Underperform on bearish cable stance

BNP Paribas downgraded Cable One (CABO) to Underperform from Neutral with a price target of $80, down from $125 ahead of the earnings report on February 26. The firm is “incrementally more bearish” on cable. Charter’s acquisition of Cox reduces the odds of more cable deals in the near-term, the analyst tells investors in a research note. BNP says U.S. cable operating trends have remained challenged, with all telecoms talking down broadband average revenue per user growth in Q4. Cable One will not be immune from the headwinds, contends the firm.