TD Securities Upgrades Comcast Corp (CMCSA) to Buy
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TD Securities analyst Vince Valentini upgraded Comcast Corp (NASDAQ: CMCSA) from Hold to Buy with a price target of $58.00 (from $54.00).
The analyst comments "Comcast shares are down 6% since our November 25 downgrade. The 6% decline is the worst among the cable comp group (Exhibit 1). The 6% decline also stands in stark contrast to the recent performance of theme-park operators. In normal times, the share-price performance of park operators would be essentially irrelevant to Comcast. It is simply too small to matter (7% of consolidated EBITDA in 2019 and less going-forward). However, we are not in normal times. Given pandemic-related uncertainty, we had previously removed all value from the Parks business in our NAV. With widespread vaccinations seemingly on the horizon, equity values of park operators have rallied. We are following suit. We are now including a value of $18 billion (~$4.00 per share) for the Parks business in our NAV estimate. With the boost to our target price, and the recent share-price weakness, we now see more upside and are moving back to BUY recommendation."
Shares of Comcast Corp closed at $48.97 yesterday.
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