Comcast Corp (CMCSA) PT Lowered to $27 at UBS as Q3 Estimates Updated

UBS analyst John Hodulik lowered the price target on Comcast Corp (NASDAQ: CMCSA) to $27.00 (from $32.00) while maintaining a Neutral rating.

The analyst commented, "We expect 3Q results to reflect modest improvement in connectivity EBITDA declines while content benefits y/y from fewer NBA games and solid advertising (world cup + political), net of worsening parks growth amid headwinds in Orlando. We are updating 3Q estimates to reflect higher y/y broadband subscriber losses and softer parks (in-line with recent commentary at conferences) and now look for total company revenue/EBITDA to decline 2.2%/3.1% in 3Q (+0.4%/-2.5% prior). We model improvement in 4Q as new pricing/packaging at connectivity and the NBA deal is lapped but higher severance costs could create noise alongside the largest cost transformation in the company's history (expect more details on 3Q call). We look for 1.5% revenue growth and a 4.5% EBITDA decline for 2026 vs. +2.6%/-4.2% prior."

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