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Initiating Charter Communications At Market Perform - Friedman Billings Ramsey Comments

(RealTimeTraders.com) - Friday, Friedman Billings Ramsey initiated coverage of Charter Communications, Inc. (CHTR) at Market Perform, and a 12-month price target of $3.50. The brokerage believes debt burden limits the company’s flexibility, though it has sufficient level of investment to spur revenue growth from new services.

However, analyst Alan Bezoza believes the risk/reward ratio for the company has a positive bias as the company is restructuring its balance sheet through asset sales. With new services driving growth in suburban markets, the analyst expects sustainable free cash flow to begin in late 2004.

Concluding, Friedman Billings Ramsey said it expects further asset sales, financial restructuring, and future free cash flow generation to improve Charter's outlook over the next few years. However, the brokerage clarified that it would prefer to sit on the sidelines until management definitively resolves its financial and legal issues.

On Thursday, the stock closed at $3.969.

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