Charter price target lowered to $425 from $475 at Benchmark

Benchmark analyst Matthew Harrigan lowered the firm’s price target on Charter (CHTR) to $425 from $475 and keeps a Buy rating on the shares. Though the firm was “not surprised” by the sell side reaction or the stock movement since the Q2 broadband shortfall, the analyst argues that price targets below $350 and sentiment “appear quite divorced from slight deviations in current operating performance or estimates.” Charter should maintain “reasonably stable” broadband share over the medium term, especially through bundled broadband mobile value, the analyst contends.