UPDATE: Atlantic Equities Downgrades Comcast Corp (CMCSA) to Neutral
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Atlantic Equities analyst Hamilton Faber downgraded Comcast Corp (NASDAQ: CMCSA) from Overweight to Neutral with a price target of $44.00 (from $60.00).
The analyst comments "For Comcast, we see EBITDA growth averaging 3% over the next three years with a similar growth rate at cable. We expect EPS growth to average 9% over this period. While this is a relatively healthy level, ongoing weak broadband subs in the near term is certainly going to depress multiples. We are continuing to value Comcast on an all-in multiple basis. Comcast has traded at a discount to the S&P500 for the past four years and we are assuming this continues. We are cutting our 2024 target multiple from 13x to 11x and our price target comes down from $60 to $44, or around 10% upside from current levels. Our target multiple assumes the company continues to trade at around the same level."
Shares of Comcast Corp closed at $40.00 yesterday.
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