Ant & Sons submits: Shares of television system operator Charter Communications Inc. (Nasdaq: CHTR) are up $.07, or 6.31%, to $1.18 in heavy but sideways trading.

The upside comes after Citigroup analyst Jason Bazinet surprisingly upgraded the stock to “buy” from “sell,” stating that the company is ripe for a turnaround. In a note to clients, the analyst expects the company to reverse three flat years of EBITDA (earnings before interest, taxes, depreciation and amortization) as it begins to offer VOIP (voice over internet protocol) services.

Citigroup’s Bazinet also praised Charter management by saying that they have a “clear, well-defined strategy for turning Charter around.” Besides upgrading the stock, the analyst also raised his price target from $1 to $1.75.

However, investors are still doubtful that a turnaround will happen in the very near future and are cautiously optimistic, still keeping in mind the fact that Charter has nearly twenty billion dollars in debt.