Oversold conditions make now an opportune time to bet on shares of Comcast and Charter Communications , Truist said. Analyst Greg Miller upgraded shares of both Comcast and Charter to buy from hold, with respective $50 and $550 price targets. The recent investor flight from both stocks has created a valuation reset, he said. "These two were the worst performing large-cap stocks in our coverage universe in 2022 as investors recognized broadband flow share trends fundamentally changed, but we believe efforts to stem the erosion are proving successful and should once again cause the stocks to trade at traditional premiums to telecom stocks," he wrote in a note published Thursday. Miller also said that investor concerns of increased competition have now been accounted for in both stocks, which should support limited downside going forward. "Unlike a year ago when investors believed the only issues facing the cable industry was the pandemic "pull-forward" of demand and the lack of residential moving in the US, most investors have now come to terms with the fact that new variables (fixed wireless and fiber) are also responsible for the lack-luster [high speed data] growth," he wrote. Comcast and Charter sold off sharply in 2022, falling about 30% and 48%, respectively. Truist's fresh price targets imply 37% and 55% upside from Wednesday's close, respectively. Comcast shares gained more than 1% premarket, while Charter added 1% on light volume. "With relatively attractive valuation (both CMCSA and CHTR share are now trading at a discount to AT & T, Verizon and T-Mobile), combined with the prospects for positive broadband net subscriber additions again in 2023 (both CMCSA and CHTR), we find the stocks to be oversold," Miller wrote. — CNBC's Michael Bloom contributed reporting Disclosure: CNBC is owned by Comcast's NBCUniversal.