Charter price target raised to $400 from $350 at Wells Fargo

Wells Fargo raised the firm’s price target on Charter (CHTR) to $400 from $350 and keeps an Equal Weight rating on the shares. The firm notes the outlook improved, and raises net adds plus financials. Wells also believes more bearish scenarios on subs/free cash flow are less likely. However, the firm falls short of a structural rerating thesis since broadband trends remain unpredictable.