Charter Should Return to Broadband Customer Growth, but It Will Take Time

We like Charter’s efforts to drive customer penetration by limiting price increases, improving customer service, and expanding its offerings to appeal to a variety of preferences. Competition has increased over the past couple of years as fixed-wireless broadband has gained share and fiber networks continue to expand, and we don't expect Charter will return to broadband customer growth soon. But we still believe it can drive modest growth and generate consistent cash flows, especially after its rural network expansion wraps up.