Cable One downgraded to Market Perform from Outperform at Raymond James

Raymond James downgraded Cable One (CABO) to Market Perform from Outperform without a price target following the company’s strategic decision to completely eliminate its dividend “with no warning and no new financial change or justification.” The firm expects the shareholder base to turn over and says Cable One’s path to regaining credibility will “be long and arduous.” Additionally, the results for Q1 were worse than expected, yet management was adamant they will see growth in both broadband top line revenue and subscribers for the year, the analyst tells investors in a research note.