Charter Communications dips as Citigroup downgrades on fears of broadband losses
** Shares of broadband and cable TV provider Charter Communications CHTR.O dip 1% to $300.29
** Citigroup downgrades stock to "sell" from "neutral" and reduces price target to $255 from $280
** Charter is facing larger broadband subscriber losses than consensus is currently expecting for FY24 and FY25, brokerage says
** The discontinuation of Affordable Connectivity Program, a government broadband internet subsidy program, is likely to exacerbate broadband subscriber and revenue headwinds over the next 12 months - Citi
** CHTR missed Q1 profit estimates on larger-than-expected broadband subscriber losses in April
** Stock down 22.7% YTD vs 27.2% rise in S&P 500 Communication Services .SPLRCL index
Reporting by Medha Singh
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