Even though broadband communications company Altice USA (ATUS) reported impressive second-quarter earnings, it continues to face intense competition. So, let’s find out if it is wise to buy the dip in the stock now. Read on.Broadband communications company Altice USA, Inc. (ATUS), which is headquartered in Bethpage, N.Y., has accelerated its revenue growth, primarily with the help of advertising. It recently launched its new Optimum Mobile brand as the first step to aligning all its connectivity brands under one Optimum national brand.
The company has reported solid second-quarter earnings. However, it recently witnessed a decline in hedge fund sentiment.
Deutsche Bank (DE:DBKGn) analyst Bryan Kraft has downgraded ATUS to Hold from Buy with a price target of $22, down from $40. In addition, the stock has lost 27.9% in price over the past month and 46.1% over the past three months to close yesterday’s trading session at $18.21. Also, it is currently trading 52.4% below its 52-week high of $38.30, which it hit on December 30, 2020. So, the company’s near-term prospects look uncertain.