Movement Alert｜Comcast Falls 3.21% in Regular Trading, Multiple Investment Banks Cut Price Targets Amid Broadband Concerns

Market Focus07-15 04:00

On July 15, Comcast declined 3.21% in regular trading, trading at $23.215/share, with turnover of $422 million. The stock came under sustained pressure as multiple Wall Street investment banks slashed their price targets over the past two weeks.

On the news front, Bernstein on July 13 cut its price target from $32 to $28 while maintaining a Market Perform rating. Morgan Stanley previously lowered its target from $33 to $30, Wells Fargo from $29 to $28, and Goldman Sachs from $29 to $26. Morgan Stanley highlighted that Comcast and Charter Communications are losing approximately 500,000 broadband subscribers annually, projecting Starlink to reach roughly 16 million subscribers by 2030, posing significant headwinds to the cable broadband outlook.

The wave of downgrades comes shortly after Comcast announced a major spinoff of NBCUniversal and Sky into an independent publicly traded company on June 29, which initially boosted shares. However, the structural competitive threat from satellite broadband and fiber alternatives from AT&T and Verizon has since weighed on sentiment. The company is set to report Q2 earnings on July 23, with consensus EPS expectations of $0.97.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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