Citigroup resumes coverage on Charter Communications with 'buy'

Broadband and cable TV provider Charter Communications' CHTR.O shares rise 1.1% to $349 in premarket trading

Citigroup resumes coverage on co with "buy" rating and $425 PT, representing a 20.6% upside to stock's last close

Brokerage expects co to achieve stable revenue growth and rapid free cash flow acceleration, driven by reduced capital investments and rural expansion

"Co's rural build initiative will help mitigate broadband subscriber losses and keep co competitive" brokerage adds

Average rating from 25 analysts covering the stock is "hold", and median PT is $392, according to data compiled by LSEG

As of last close, CHTR up ~0.80% YTD