UPDATE: Raymond James Downgrades Comcast Corp (CMCSA) to Market Perform
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(Updated - March 16, 2020 7:37 AM EDT)
(updated to add analyst comments)
Raymond James analyst Frank Louthan downgraded Comcast Corp (NASDAQ: CMCSA) from Outperform to Market Perform.
The analyst commented, "We believe there is risk to near term numbers form NBCU due to the virus as theme park closures, lost sports advertising revenue, and delayed theater launches of films are all likely to cause downward revisions to estimates. Elimination of data caps and other benevolent Internet actions, while socially responsible and pressured by the FCC, are likely to pressure margins as well. We do believe that residential broadband will benefit, and consumers will be using more video and streaming services, but this may not drive incremental revenue in the short term, and is unlikely to offset other pressures. Should Comcast suspend buybacks or limit dividend increases, we believe it could see further pressure. As such, we have lowered our estimates for CMCSA and are lowering the rating."
Shares of Comcast Corp closed at $37.02 yesterday.
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