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May 3, 2022, 1:57 p.m. EDT

Charter Communications stock slips after Bank of America ends bullish call on cable name

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By Emily Bary

Shares of Charter Communications Inc. /zigman2/quotes/201656355/composite CHTR -0.01% were off 1.3% in afternoon trading Tuesday after Bank of America analyst Jessica Reif Ehrlich cut her rating on the stock to neutral from buy, citing concerns about growing competition in the broadband market. Reif Ehrlich worries about emerging threats to broadband incumbents from fiber and fixed-wireless access and warned that growth in the broadband industry "would be more limited going forward." She sees a possibility that the new competitive landscape could limit pricing power as Charter may take a more defensive stance in a bid to preserve its positioning. "Charter trades at a premium to its peers and leverage remains elevated at ~4.5x despite concerns that growth could slow materially," she wrote in her note to clients. Reif Ehrlich's downgrade follows one of Comcast Corp. /zigman2/quotes/209472081/composite CMCSA +0.27% late last week. Shares of Charter have lost 30% over the past three months as the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.16% has slid about 6%.

/zigman2/quotes/201656355/composite
US : U.S.: Nasdaq
$ 463.07
-0.05 -0.01%
Volume: 32,293
June 27, 2022 10:05a
P/E Ratio
16.83
Dividend Yield
N/A
Market Cap
$77.74 billion
Rev. per Employee
$551,569
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/zigman2/quotes/209472081/composite
US : U.S.: Nasdaq
$ 39.68
+0.10 +0.27%
Volume: 1.62M
June 27, 2022 10:07a
P/E Ratio
12.82
Dividend Yield
2.71%
Market Cap
$177.27 billion
Rev. per Employee
$615,794
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/zigman2/quotes/210599714/realtime
US : S&P US
3,905.45
-6.29 -0.16%
Volume: 345.27M
June 27, 2022 10:08a
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