Charter upgraded to Market Perform from Underperform at Raymond James

Raymond James upgraded Charter (CHTR) to Market Perform from Underperform without a price target following the Cox Communications buyout. Charter is acquiring one of the best brands in cable, and its ability to drive scale and free cash flow accretion while de-levering makes the financial trajectory of the business over the next two years more attractive, the analyst tells investors in a research note. Raymond James’ thesis on Charter remains that its broadband subscriber growth will remain challenged, but the firm says the acquisition and integration of Cox, and the ability to drive cost savings and de-lever, “now create a more attractive outlook than it was previously.”