JPMorgan on Thursday threw both hot and cold water on Wall Street buzz that Verizon could soon have Charter Communications in its sights.

A merger “would bring a greatly expanded fixed footprint including the backhaul network that would help Verizon’s 5G efforts,” the bank’s analyst said in a report, which also noted that “the math is difficult to square” on such a deal.

Charter’s high multiple and relatively high leverage would make a deal “unlikely” at this time, the analyst wrote.

The Post reported exclusively on Dec. 14 that Verizon CEO Lowell McAdam told a group of Wall Street analysts this month that it made “industrial sense” to merge with Charter.

The CEO acknowledged financing the deal would be a challenge.

Charter shares rose 1 percent Thursday to $291.16.