Citi cuts Comcast price target to $27.50, keeps Buy rating

Citi analyst Michael Rollins lowered his price target on Comcast Corp (NASDAQ: CMCSA) to $27.50 from $30.00, while maintaining a Buy rating on the stock.

Rollins cited increased competition in the broadband market, noting that telecom fiber providers have taken a more aggressive promotional stance toward customer acquisition, which may continue to pressure broadband subscriber numbers and average revenue per user.

"We still believe Comcast broadband share can eventually find an equilibrium, although it's likely to take longer and is apt to be lower than we previously thought," Rollins said.

The analyst added that converged broadband and mobile bundles are expected to gain momentum for Comcast, particularly after the company accelerates marketing for its upgraded broadband throughput and symmetrical uplink capabilities.

Rollins noted that the price target reduction reflects estimate changes, and that he still sees value in Comcast on a sum-of-parts basis ahead of an upcoming spin-off.

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