Comcast Corp (CMCSA) PT Raised to $45 at Scotiabank

Scotiabank analyst Jeff Fan raised the price target on Comcast Corp (NASDAQ: CMCSA) to $45.00 (from $44.50) while maintaining a Sector Perform rating.

The analyst commented: "As investors await Comcast's updated converged strategy to tackle the continued broadband loading pressure, for Q1, we are expecting the company to report 158K domestic broadband residential losses due to lower population growth and continued pressure from FWA and fiber. We expect broadband ARPU to continue to grow at a strong clip but slightly slower than previous quarters due to increased loading in the lower end of the market. Even with the company’s new rollout strategy, which hasn’t begun, we don’t expect net adds to show any y/y improvement until 2H25. For Q1, we also expect content and experiences revenue to be pressured by lighter traffic to theme parks, driven by the LA fires. We expect overall profitability in Q1 to be dragged by higher theme park marketing and pre-opening costs for Epic Universe, which we think should be a catalyst to help drive higher attendance and further support the topline in 2H25. Management’s announced Spin Co last year remains on track to close by year-end, which we continue to believe could unlock ~$5/share of value."

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