November 14, 2017 / 8:22 AM / a month ago

Altice shares fall as Morgan Stanley cuts price target

PARIS, Nov 14 (Reuters) - Shares in telecoms and cable group Altice fell on Tuesday, extending a losing run, after Morgan Stanley slashed its price target on the stock by 34 percent and cut its cash flow estimates.

Altice shares, which have fallen for the last eight sessions in a row, were down 1 percent at 10.15 euros in early trading. The stock is down by around 46 percent since the start of 2017.

Morgan Stanley cut its Altice price target to 13.50 euros from 20.50 euros, saying its cash flow would be affected by the company’s relatively high debt levels and recent share price slump.

On Nov. 10, Altice ousted Chief Executive Michel Combes and brought back founder Patrick Drahi as president, seeking to reassure investors.

Altice said earlier this month it had lost around 75,000 broadband customers in France in the third quarter, and its debt had reached 49.6 billion euros ($58 billion).

$1 = 0.8558 euros Reporting by Sudip Kar-Gupta; Editing by Mark Potter

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