Charter Communications Analysts Cut Their Forecasts After Weak Earnings

Charter Communications Inc CHTR reported worse-than-expected first-quarter results on Friday.

Charter Communications reported fiscal first-quarter 2024 revenue growth of 0.2% year-on-year to $13.68 billion, missing the consensus of $13.74 billion. EPS of $7.55 missed the consensus of $7.92. The stock price dropped after the results, according to data from Benzinga Pro.

Charter lost 72,000 residential Internet customers, compared to 67,000 additions last year. Residential video customers decreased by 392,000 versus a decrease of 237,000 in the prior year.

As of March 31, 2024, Charter served 30.5 million residential and SMB Internet customers.

“Our differentiated converged connectivity products provide us with significant competitive advantages that position Charter for sustainable customer and financial growth,” said Chris Winfrey, President and CEO of Charter.

Charter Communications shares fell 1.7% to close at $254.61 on Friday.

These analysts made changes to their price targets on Charter Communications following earnings announcement.

• B of A Securities cut the price target on Charter Communications from $315 to $300. B of A Securities analyst Jessica Ehrlich maintained a Neutral rating.
• Rosenblatt slashed the price target on Charter Communications from $297 to $292. Rosenblatt analyst Barton Crockett maintained a Neutral rating.

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