Oppenheimer Downgrades Charter Communications (CHTR) to Perform, Amid Core Broadband Customer Decline

Core Insights - Charter Communications has been downgraded by Oppenheimer from Outperform to Perform, with the removal of the $500 price target due to financial and operational concerns [1][3] - The company's Q3 2025 revenue declined by 0.9% year-over-year to $13.7 billion, primarily due to customer attrition and a tough comparison with prior year's political advertising revenue [1][2] - Despite challenges in its core broadband customer base, Charter has shown positive momentum in its mobile and video segments, adding 493,000 Spectrum Mobile lines, which represents a ~20% year-over-year increase [3] Financial Performance - Charter's EBITDA decreased by 1.5% year-over-year, although it remained flat when excluding the impact of advertising revenue [2] - The net income for Q3 was reported at $1.1 billion, down from $1.3 billion in the same quarter last year [2] Customer Trends - The decline in video customers improved significantly, with only 70,000 losses compared to 294,000 in the previous year, attributed to product improvements and new pricing strategies [3]