Pivotal ups Charter price target on ‘no brainer’ Cox deal

Pivotal Research raised the firm’s price target on Charter (CHTR) to $600 from $540 and keeps a Buy rating on the shares. The company’s acquisition of Cox Communications is a “no brainer,” the analyst tells investors in a research note. The firm believes Charter paid a “very attractive valuation” at the bottom in cable valuations for a deal that is likely to materially accelerate its growth. The deal will expand Charter’s passings and customers 20% to nearly 70M and 38M, respectively, compared to Comcast at 64M and 31M, Pivotal points out. The firm does not see regulatory issues with the deal.