Nomura Securities Maintains a 'Buy' on Comcast Corp (CMCSA); Adjusting Model After Q2 Results
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Price: $26.18 --0%
Rating Summary:
24 Buy, 25 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
24 Buy, 25 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Nomura Securities maintains a 'Buy' on Comcast Corp (NASDAQ: CMCSA) price target of $38.00 (from $32.00)
Analyst, Mike McCormack, said, "Comcast reported strong Cable results across the board. Revenue per home passed showed accelerating year-over-year growth, at 3.1% in 2Q versus the recent average of 2.8%; we think this is a product of a better industry pricing environment. We are raising our price target on the positive results, lower industry competition, and what we believe will be increasing capital returns. We believe the proceeds of the SpectrumCo sale, ~$1.7bn after tax expected in 3Q, will augment the current program, allowing for a meaningful acceleration from the ~$3bn run rate year-to-date. We believe seasonality was more muted than anticipated, and telco competition appears more muted than in prior periods, a dynamic we expect will continue. NBCU results were mixed, with revenue flat y/y, but EBITDA was down due to poor Film results (Battleship) and a tough compare to prior year licensing agreement."
3Q12E EPS from $0.44 to $0.47; 4Q12E EPS at $0.52; F12E EPS from $1.88 to $1.93.
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 $33.55 yesterday.
Analyst, Mike McCormack, said, "Comcast reported strong Cable results across the board. Revenue per home passed showed accelerating year-over-year growth, at 3.1% in 2Q versus the recent average of 2.8%; we think this is a product of a better industry pricing environment. We are raising our price target on the positive results, lower industry competition, and what we believe will be increasing capital returns. We believe the proceeds of the SpectrumCo sale, ~$1.7bn after tax expected in 3Q, will augment the current program, allowing for a meaningful acceleration from the ~$3bn run rate year-to-date. We believe seasonality was more muted than anticipated, and telco competition appears more muted than in prior periods, a dynamic we expect will continue. NBCU results were mixed, with revenue flat y/y, but EBITDA was down due to poor Film results (Battleship) and a tough compare to prior year licensing agreement."
3Q12E EPS from $0.44 to $0.47; 4Q12E EPS at $0.52; F12E EPS from $1.88 to $1.93.
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 $33.55 yesterday.
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