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MarketWatch MarketPulseSep 27, 2021
Altice USA stock falls after downgrades
Shares of Altice USA are off 5.7% in Monday trading after analysts at Credit Suisse and Raymond James downgraded the stock. Credit Suisse analyst Doug Mitchelson wrote that he has concerns about the company, even though the stock is "trading well below its likely asset value" and management is being more aggressive with its fiber buildouts. "[W]e have been wrong on Altice's current broadband competitiveness and near-to-mid term growth outlook, and expect management's new investment strategy (to be detailed with 3Q21 earnings) will take at least several quarters, if not longer, to begin bearing fruit," he wrote, while lowering his rating to neutral from outperform and reducing his target price to $24 from $46. Raymond James analyst Frank Louthan IV also took a more cautious view on the stock, "following recent management commentary detailing broadband adds pressure and the strategic shift toward heavier investment and away from buybacks," which he said "were a key part of the value proposition for ATUS shareholders" Louthan downgraded the stock to market perform from outperform. Altice shares have lost 44% over the past three months as the S&P 500 has added about 4%.

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