Comcast's (CMCSA) Price Target Raised to $90 at Pivotal Research
- Wall St. stock futures fall after Italy referendum
- Oil tops $55 for first time in 16 months as OPEC deal fuels buying
- Consolidated Communications (CNSL) to Acquire FairPoint Communications (FRP) in $1.5B Deal
- Burberry rejects multiple takeover offers from Coach: Financial Times
- Trump picks ex-rival Carson to head housing department
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Credit Suisse Upgrades National Beverage (FIZZ) to Outperform
- Cowen Is Cautious On lululemon athletica (LULU) Ahead Of The Print
- Jefferies Cuts Price Target on Eros Int'l (EROS) to $18 Following Multi-Year Deal
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!