Comcast's (CMCSA) Price Target Raised to $90 at Pivotal Research
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Pivotal Research maintained a Buy rating on Comcast Corp (NASDAQ: CMCSA) and raised its price target to $90.00 (from $81.00). Analyst Jeffrey Wlodarczak moved to a FY17 from a FY16 target price.
"As mentioned we raised our overly conservative 3Q NBC forecasts across the board, which drove total company EBITDA growth to +7% (vs. our previous +5%). Cable total RGU forecasts remained unchanged although the composition changed as raised video subscriber additions from a loss of (-20K) to +0K was offset by a reduction in our phone addition forecast (focus on double play). The primary driver of the $9 increase in our target valuation was the move from YE’16 to YE’17. Recall we value Comcast using a DCF methodology for cable (8X ’19 cable EBITDA + 8% discount rate) and a 9.5X ’17 EBITDA multiple for NBC (less a 10% conglomerate discount)," said Wlodarczak.
Shares of Comcast Corp closed at $65.81 yesterday.
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