Some Providers See Higher Price Targets as a Result of Tax Cuts: New Street
New Street’s Jonathan Chaplin on Tuesday updated price targets for communications providers as a result of tax-cut provisions in the reconciliation bill that President Donald Trump signed into law last week (see 2507070045). Among the biggest movers were Charter, whose new target is $494 a share, up from $448; T-Mobile, up to $317 from $308; and Verizon, up to $45 from $43.
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Comcast was also up $2, to $40, while AT&T was flat at $32. Altice and EchoStar “already pay very little tax” and so will see only a small effect, Chaplin wrote. Price targets for Charter and Comcast “have also increased due to an increase in the consensus trading multiples for the respective stocks.”