Wells Fargo Upgrades Comcast Corp (CMCSA) to Equal Weight

Wells Fargo analyst Steven Cahall upgraded Comcast Corp (NASDAQ: CMCSA) from Underweight to Equal Weight with a price target of $38.00 (from $30.00).

The analyst comments "Upgrading to Equal Weight. We've been long-time bears on CMCSA. Some of the theses have played out with Cable derating as competition for subscribers has advanced from FWA and fiber. We expect the y/y headwind from these industries to push broadband net adds modestly negative in 2023E. Combined with higher video losses we now forecast Cable segment Adj. EBITDA growth of +0% in '23E and +LSD% for 2024-25E. However, this is not materially out of consensus and justifies CMCSA's lower multiple of ~7x EV/EBITDA and 10x P/E. Higher competition = lower multiple in our view."

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 $35.86 yesterday.

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