Charter downgraded to Market Perform from Outperform at Bernstein

Bernstein analyst Laurent Yoon downgraded Charter (CHTR) to Market Perform from Outperform with a price target of $280, down from $350. The company’s EBITDA growth has “become increasingly difficult to achieve” against a tougher market backdrop, the analyst tells investors in a research note. The firm says that while Charter’s free cash flow story remains intact, but says “concerns are creeping in.” Bernstein cites the company’s greater broadband subscriber losses, slower average revue per user growth, and elevated marketing spend to offset headwinds for the downgrade.