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Coverage launches on Altice USA range from Neutral to Buy – ALTICE S A ADR (OTCMKTS:ATCEY)

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Altice USA (NYSE:ATUS) is up 1.2% and is about 7.2% over last month’s IPO price after a rack of coverage launches from analyst ranged from Neutral to Buy.

On the bullish side, Citi, Deutsche Bank, JPMorgan and RBC initiated coverage at Buy. RBC set a price target of $40, implying 24% upside.

Meanwhile, Goldman Sachs initiated coverage at Neutral with a price target of $33, noting that parent company Altice (OTCPK:ATCEY) is a better bet than French-listed unit SFR (OTCPK:NUMCF) or Altice USA. Altice — added to Goldman’s Conviction List — has “compelling exposure to growth and capital allocation,” more so than the French or U.S. units.

BofA Merrill Lynch launched at Neutral with a relatively stronger price target of $36, while Barclays is Equal-Weight at a $32 target and Morgan Stanley Equal-Weight at $31.



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