5 Best Communication Stocks To Buy Now

4. Charter Communications, Inc. (NASDAQ:CHTR)

Number of Hedge Fund Holders: 74

Charter Communications, Inc. (NASDAQ:CHTR) is a communication services company based in Stamford, Connecticut. The company offers broadband connectivity and cable operations in residential and commercial areas in the US.

Kutgun Maral at RBC Capital holds an Outperform rating on Charter Communications, Inc. (NASDAQ:CHTR) shares as of January 31.

In the fourth quarter, Charter Communications, Inc. (NASDAQ:CHTR) saw its internet revenues rise by 3.9% year-over-year while mobile revenues rose by 38.6% year-over-year. Analysts on Wall Street consider the stock to be a Moderate Buy, and have placed an average price target of 36.44% on the shares, according to TipRanks. Considering that Charter Communications, Inc. (NASDAQ:CHTR) was trading at $352.29 on March 22, this price target represents an upside potential of 36.44%.

Our hedge fund data for the fourth quarter shows 74 funds long Charter Communications, Inc. (NASDAQ:CHTR), with a total stake value of $4.6 billion.

ClearBridge Investments, an investment management company, mentioned Charter Communications, Inc. (NASDAQ:CHTR) in its fourth-quarter 2022 investor letter. Here’s what the firm said:

“Cable stocks have been pressured for the past year as broadband growth has slowed following a pull forward of demand during the pandemic and the industry faces rising competition from wireless carriers offering fixed wireless access. In particular, shares of Charter Communications, Inc. (NASDAQ:CHTR) were pressured by its recently announced multiyear capex plan to accelerate network upgrades. While this reduces free cash flow available for buybacks in the medium term, it sustains the company’s competitive advantage and should accelerate long term growth. The company also has ambitious goals to expand its footprint into adjacent and rural markets, taking advantage of the federal and state broadband subsidies. We added opportunistically to Charter on the pullback.”