Charter price target lowered to $355 from $440 at BofA

BofA analyst Jessica Reif Ehrlich lowered the firm’s price target on Charter (CHTR) to $355 from $440 and keeps a Buy rating on the shares. Competitive fiber buildouts remain steady and FWA has become more competitive as AT&T (T) intensifies its push and increases marketing, notes the analyst, who believes Charter broadband net losses will “only modestly improve sequentially” in Q3, despite seasonal benefits. The firm is applying a lower multiple to its estimates to arrive at its price target given continued broadband net losses.