Craig-Hallum bullish on Shenandoah, initiates with a Buy

As previously reported, Craig-Hallum analyst Christian Schwab initiated coverage of Shenandoah (SHEN) with a Buy rating and $29 price target The firm notes Shentel is a major fiber to the home builder nearing the end of a seven-year fiber build that has transformed it from a regional cable and legacy telco into a scaled fiber provider, with its heavy capex cycle and initial Glo Fiber passings expected to be complete by the end of 2026, leaving the company essentially on an island all by themselves and positioning the story for an EBITDA and free cash flow inflection while most competitors are stepping on the gas to build out footprint, chase penetration, and defend share.