CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:
We keep our 12-month target price at $50, applying an EV/EBITDA multiple of 7.4x to our ’24 estimate, in line with its three-year historical average multiple, reflecting our positive outlook on the company. We trim our ’24 EPS estimate by $0.04 to $4.24 and lower ’25’s by $0.05 to $4.55. CMCSA reported Q1 operating EPS of $1.04 vs. $0.92, $0.05 above the consensus. Q1 revenue grew 1.2%, driven by 1.1% growth in Content and Experiences fueled by 3.6% growth in Media, and a 1.5% increase in Theme Parks, partially offset by a 7.2% decline in Studios due to lower licensing revenue. Domestic broadband customers fell 65k and video customers fell 487k, while wireless customer additions were 289k. While wireless results will likely continue to impress, we see additional pressure in its broadband business due to intensifying competition, as well as the end of the federal subsidy program (the Affordable Connectivity Program).