Charter downgraded to Underperform from Peer Perform at Wolfe Research

Wolfe Research downgraded Charter (CHTR) to Underperform from Peer Perform with a $300 price target. The “march to convergence is accelerating,” evidenced by Verizon’s (VZ) acquisition of Frontier (FYBR), T-Mobile’s (TMUS) sharply raised fiber and FWA targets and AT&T’s (T) discussion of passing 45M locations, the analyst tells investors. The firm reduces its 2030 industry cable sub forecasts by another 3M, or 4%, and reflects more caution in its mid-term ARPU and margin forecasts.