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Filmed Entertainment, Broadcast Surprise Pushed Comcast (CMCSA) Past Guggenheim's Q1 Expectations

April 22, 2014 8:27 AM EDT
Get Alerts CMCSA Hot Sheet
Price: $43.35 +0.65%

Rating Summary:
    31 Buy, 18 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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Guggenheim maintains its Netural Rating and $52 price target on Comcast (Nasdaq: CMCSA) following the cable and satellite TV giant's Q1 results, released earlier on the session.

In a brief note Tuesday, analyst Michal Morris noted that Comcast's adjusted EPS of $.68 topped his $.65 expectation. Providing the biggest 'beat' was Filmed Entertainment, with $288 million of OCF versus the firm's estimate of $63 million.

The following key points were also observed:

-- The company added 24K subscribers versus our/consensus expected loss of 18K and 26K respectively. We see this as a meaningful positive as the company continues to invest in improving the consumer experience.
-- High-Speed Internet and Voice subscriber adds were modestly below our/consensus estimates.
-- At NBCU, Cable Networks, Broadcast Television and Filmed Entertainment all beat our/consensus revenue expectations.
Olympic revenue of $1.1bn was ahead of our $1bn estimate, but ad strength continued at broadcasting, growing 16% in
the quarter ex-Olympics.
-- The company repurchased $750mm in stock, in-line with our expectations.

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 $49.88 yesterday.



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