PARIS (Reuters) - Shares in telecoms and cable group Altice NV (>> Altice) fell on Tuesday, extending a losing run after sharp declines in the previous two sessions, after Goldman Sachs cut its rating on the stock to "neutral" from "buy".
Altice NV shares were down 1.2 percent in early session trading, following on from drops of 22.6 percent on Nov. 3 and 3.2 percent on Nov 6.
The stock's fall on Nov. 3 - which marked its worst ever day on the market - came after investors fretted about the telecoms group's ability to recover market share in France and grow in the United States.
"We model Altice cutting costs materially, particularly in France, adding 1.1 billion euros (970.01 million pounds) to EBITDA in FY18E and driving group free cash flow from 0.4 million euros to 1.9 billion euros 2017-18E. But worse French performance means a weaker sales growth outlook," Goldman Sachs wrote in a research note.
Altice NV shares are down by nearly 40 percent since the start of 2017.
(Reporting by Sudip Kar-Gupta; Editing by Leigh Thomas)