Telecommunications

Citigroup analyst Michael Rollins maintained Comcast Corp (NASDAQ:CMCSA) with a Buy and raised the price target from $51 to $53. The analyst updated his model to reflect Comcast’s fourth-quarter results. Last week, Comcast reported a fourth-quarter FY23 revenue growth of 2.3% year-on-year to $31.25 billion, beating the consensus of $30.51 billion. Adjusted EPS of $0.84 beat the consensus of $0.79. Comcast increased its dividend by 6.9% year-over-year to $1.24 per share on an annualized basis for 2024. It declared a quarterly cash dividend of $0.31 per share. The Board also approved a new share repurchase program of $15 billion. The analyst flagged the prospects for the Comcast asset portfolio to moderately grow revenue and expand margin to support favorable free cash flow generation and elevated returns to shareholders. Financial growth will likely be second-half weighted given the anticipated revenue contributions from the Olympics and elections, Rollins said. Broadband revenue growth will come from

Comcast (NASDAQ:CMCSA) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/30/2024 15.1% Citigroup $51 → $53 Maintains Buy 01/26/2024 8.59% Wells Fargo $45 → $50 Maintains Equal-Weight 12/22/2023 -0.1% Rosenblatt $44 → $46 Maintains Neutral 10/30/2023 -4.44% Barclays $47 → $44 Maintains Equal-Weight 10/27/2023 -4.44% Rosenblatt → $44 Reiterates Neutral → Neutral 10/27/2023 6.42% Scotiabank → $49 Downgrades Sector Outperform → Sector Perform 10/06/2023 15.1% Seaport Global → $53 Initiates Coverage On → Buy 09/25/2023 6.42% JP Morgan $48 → $49 Maintains Neutral 08/09/2023 8.59% Argus Research $45 → $50 Maintains Buy 08/02/2023 — Wolfe Research Upgrades Underperform → Peer Perform 08/01/2023 10.76% Citigroup $47 → $51 Maintains Buy 07/31/2023 -6.61% Rosenblatt $39 → $43 Maintains Neutral 07/31/2023 2.07% Barclays $42 → $47 Maintains Equal-Weight 07/28/2023 19.45% Oppenheimer $48 → $55 Maintains Outperform 07/28/2023 12.93% Morgan Stanley $50 → $52 Maintains Overweight

Citigroup analyst Michael Rollins maintains Comcast (NASDAQ:CMCSA) with a Buy and raises the price target from $51 to $53.

Comcast (CMCSA) is expected to perform well in a competitive environment because of its good long-term position in media businesses, Oppenheimer said in a note Friday. The company’s video losses are stabilizing and were in line with the previous year, the investment firm said. Comcast’s mobile additions have slowed in the last four quarters but remain on par with last year and its Peacock streaming service profits from a strong pipeline of sports content and original shows/ films, according to the note. Oppenheimer said it continues to favor Comcast over Charter Communications because it keeps improving margins, has a strong balance sheet and considerably less exposure to declines in legacy cable broadband and video markets. Additionally, Comcast has a more updated network and is returning huge amounts of capital to shareholders through dividends and buybacks, the brokerage firm said. Oppenheimer reiterated Comcast’s stock outperform rating and price target of $55.

Comcast (NASDAQ:CMCSA) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/26/2024 9.72% Wells Fargo $45 → $50 Maintains Equal-Weight 12/22/2023 0.94% Rosenblatt $44 → $46 Maintains Neutral 10/30/2023 -3.45% Barclays $47 → $44 Maintains Equal-Weight 10/27/2023 -3.45% Rosenblatt → $44 Reiterates Neutral → Neutral 10/27/2023 7.53% Scotiabank → $49 Downgrades Sector Outperform → Sector Perform 10/06/2023 16.3% Seaport Global → $53 Initiates Coverage On → Buy 09/25/2023 7.53% JP Morgan $48 → $49 Maintains Neutral 08/09/2023 9.72% Argus Research $45 → $50 Maintains Buy 08/02/2023 — Wolfe Research Upgrades Underperform → Peer Perform 08/01/2023 11.92% Citigroup $47 → $51 Maintains Buy 07/31/2023 -5.64% Rosenblatt $39 → $43 Maintains Neutral 07/31/2023 3.14% Barclays $42 → $47 Maintains Equal-Weight 07/28/2023 20.69% Oppenheimer $48 → $55 Maintains Outperform 07/28/2023 14.11% Morgan Stanley $50 → $52 Maintains Overweight 07/28/2023 9.72% Wells Fargo $46 → $50 Maintains

The following is a summary of the Comcast (CMCSA) Q4 2023 Earnings Call Transcript: Financial Performance: Comcast reported total Q4 2023 revenue of $31.3 billion, marking a 2% increase. Full-year revenue remained stable at $121.6 billion. Adjusted EBITDA for Q4 held constant at $8 billion, with a full-year increase of 3% reaching $37.6 billion. Adjusted EPS for Q4 rose by 2% to $0.84 per share with a full-year increase of 9% to $3.98. The company generated a notable Q4 free cash flow of $1.7 billion, culminating in a full-year figure of $13 billion; this equates to a 10% YoY increase in free cash flow per share ($3.13). For Q4 and the full year, Comcast returned its free cash flow to shareholders in its entirety, mounting to $4.7 billion and $15.8 billion respectively. Business Progress: Growth was primarily driven by residential broadband, wireless, business services connectivity, theme parks, streaming, and premium