ALTICE (N, TP EUR18.0): We raise 2017-18 EBITDA by 1.0-1.5% on a constant currency basis and raise our target to €18, mostly reflecting a better recent performance in the newly acquired US assets. Our estimates are above headline consensus (2018 EBITDA 3% above current Reuters consensus), but few consensus estimates are currently reflecting the Q3 16 beat in the US and the strong US$, so we suspect we are broadly in line with current market expectations on a like-for-like basis.