Pali Capital’s Richard Greenfield posits a “meaningful upside” in Charter shares due to positive divergence of the MSO’s bonds and stock price, and because 88% of its existing convertible senior note holders agreed Thurs to exchange their existing 5.9% ’09 notes for 6.5% ’27 notes. As price changes in Charter’s bonds and share price typically mirror each other and its bond prices are now appreciably higher, Pali sees ample room for the share price to “catch up.” In addition, the high number of convert holders’ exchange offers allowed Charter to “virtually [eliminate] all of its [debt] maturities thru 2009,” wrote Greenfield. Charter shares closed Fri at $2.58, up 2.38%.

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Internet Subs Drop, Mobile a Positive for Charter

Charter and Comcast’s earnings calls resembled one another in some ways, particularly with large gains in the mobile department while competition for internet customers continues to escalate.

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