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MoffettNathanson starts Altice USA at 'neutral'

MoffettNathanson analyst Craig Moffett initiated coverage of Altice USA Inc. at "neutral," Multichannel News reported Oct. 11.

The analyst said that the Altice NV unit will find it hard to achieve its cost-cutting initiatives in the future, though the company has thus far reduced non-programming operating expenses by about 20% per user. The analyst also believes that the company may not be able to overcome cord-cutting pressure and aggressive broadband offerings from competitors.

Moffett expects it to be difficult for Altice USA to significantly increase its scale through acquisitions. "There appears no realistic path by which Altice can achieve meaningful scale in the U.S.," Moffett said.

Moffett set a price target of $28 per share on the company's stock, according to the report.