Macquarie Upgrades Comcast Corp (CMCSA) to Outperform
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Macquarie upgraded Comcast Corp (NASDAQ: CMCSA) from Neutral to Outperform with a price target of $77.00 (from $69.00).
Analyst Amy Yong commented, "DreamWorks, wireless optionality, and digital initiatives are driving Comcast’s evolution into becoming a one-stop shop for all things consumer. Xfinity’s brand paired with strategic acquisitions like DreamWorks and BuzzFeed drive our ‘16/’17 estimates higher (see Fig. 7) with an ~8% EPS CAGR through ’18. With that, we are upgrading to Outperform from Neutral, with a US$77 target, up from US$69.
The potential AT&T-Time Warner/pending Starz-Lionsgate deals are highlighting the merits of distribution-content. Comcast’s ample balance sheet optionality leaves room for additional vertical deals, particularly as the NBCU consent decree is set to expire in roughly one year."
Shares of Comcast Corp closed at $64.06 yesterday.
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