Comcast's (CMCSA) Price Target Raised to $90 at Pivotal Research

September 27, 2016 10:43 AM EDT
Get Alerts CMCSA Hot Sheet
Price: $73.26 -0.42%

Rating Summary:
    28 Buy, 4 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 24 | Down: 17 | New: 14
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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.

For an analyst ratings summary and ratings history on Comcast Corp click here. For more ratings news on Comcast Corp click here.

Shares of Comcast Corp closed at $65.81 yesterday.

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