Charter Communications Stock Forms Resurrection Cross

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Charter Communications CHTR stock formed a Resurrection Cross on August 4, 2023. CHTR stock has a technical uptrend rating.

CHTR stock chart on August 6 2023 with a Resurrection Cross chart pattern
CHTR stock chart on August 6, 2023, with a Resurrection Cross chart pattern

Charter Communications Inc. is a telecommunications company that provides cable television, high-speed internet, and telephone services. It is one of the largest cable operators in the United States, serving over 32 million customers in 41 states. Charter Communications operates under the brand name Spectrum and offers a wide range of services, including digital cable TV, on-demand programming, internet connectivity, home phone services, and enterprise-level solutions for businesses.

Charter Announces Second Quarter 2023 Results

On July 28, 2023, Charter Communications reported financial and operating results for the three and six months ended June 30, 2023. Charter reported a beat on Q2 EPS, but a miss on revenue. Charter reported Q2 EPS of $8.05 versus the consensus estimate of $7.96. The company reported Q2 revenue of $13.7B versus the consensus estimate of $13.84B.

Second quarter revenue of $13.7 billion grew by 0.5% year-over-year, driven by residential Internet revenue growth of 3.1%, residential mobile service revenue growth of 29.8% and other revenue growth of 28.5%, primarily driven by higher mobile device sales.

“We are growing our business by providing differentiated and valuable products, and high-quality service to our customers,” said Chris Winfrey, President and CEO of Charter. “We are also executing well on our evolution and expansion initiatives, and these strategic investments will lead to further customer and financial growth, creating long-term value for Charter shareholders.”

Charter price target raised to $500 at JPMorgan

On July 29, 2023, JPMorgan analyst Philip Cusick maintained an Overweight rating on the stock while increasing the price target for Charter Communications from $450 to $500. According to the analyst’s research note to investors, the company released strong Q2 results and reiterated its objective to increase total broadband net adds in 2023 compared to 2022. Although the seasonality in broadband is less pronounced in the current environment, JPMorgan expects a rise in broadband subscribers in the second half, helped by Charter’s expanding rural footprint.

Charter upgraded to Outperform from Peer Perform at Wolfe Research

Wolfe Research raised its price target for Charter to $565 and upgraded the stock to Outperform on August 2, 2023. The upgrade is justified by the idea that the pressure on FWA and fiber has peaked, that cable will split net adds with fiber by 2026, and Charter’s free cash flow yield for that year. The bad news about promotional, network upgrade, and rural costs is well reflected in forecasts, the analyst tells investors, so cable can still raise prices without overdoing it.

Charter Creates Underground Construction Team to Expedite Rural Builds

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