Comcast (CMCSA) Stock: $60 Price Target And Outperform Rating

By Amit Chowdhry ● Apr 19, 2022
  • The shares of Comcast Corporation (NASDAQ: CMCSA) have received a $60 price target from Oppenheimer. These are the details.

The shares of Comcast Corporation (NASDAQ: CMCSA) have received a $60 price target from Oppenheimer. And Oppenheimer analyst Timothy Horan is maintaining an “Outperform” rating on the shares. 

Horan adjusted the rating upon reducing the 2022 and 2023 estimates as he anticipates Cable to continue to weaken, which will be driven by greater subscriber losses from fixed wireless but also video and voice from less bundling.

“The rising tide of cable cutters is adding to the demand for fixed wireless as customers look for alternative internet providers. The nation’s leading wireless carriers are aggressively expanding their FWA footprints with additional support from government subsidies. We believe these FWA networks will continue to intensify pricing and performance pressure on cable/DSL vendors,” wrote Horan in a research note. “We reduced Comcast FY22E and FY23E Cable Revenue to $66.15 billion from $66.54 billion and to $67.5 billion from $67.9 billion, respectively. We cut FY22E and FY23E Sky Revenue to $20.69 billion from $20.76 billion and to $21.2 billion from $21.29 billion, respectively. FY22E NBC Revenue is increased from $38.33 billion to $38.59 billion while in FY23E we reduced it to $38.56 billion from $39 billion.”

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