UPDATE: Pivotal Research Group Raises PT to $107 on Charter Communications on Accelerating Growth

Pivotal Research Group maintained Charter Communications

with a Buy rating and raised the price target from $104.00 to $107.00. Pivotal Research Group commented, "During a transitional 4Q, given massive 2H'12 changes implemented by CEO Tom Rutledge to position the company for likely accelerating growth, CHTR beat slightly on revenue and materially on EBITDA [$698M (+1.7%) vs. $673M (-2%) consensus]. … More importantly, residential customer relationships increased 4x to 20K during 4Q. We expect a material sequential ramp in RGU's in the seasonally strong 1Q and as Rutledge's major 2H'12 initiatives begin to bear fruit. … Post these results we raised our EBITDA forecasts (lower programming expense growth), which drove a $3 increase in our target to a Street high $107." Charter Communications closed at $85.02 on Friday.