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, roughly in line with peers, reflecting strong recent results. We raise our ’24 EPS estimate by $0.02 to $4.28 and set ’25’s at $4.60. CMCSA reported Q4 operating EPS of $0.84 vs. $0.82, $0.05 above the consensus. Q4 revenue increased 2.3%, driven by 5.7% growth in Content and Experiences, with a 12.2% increase in theme parks, 3.1% growth in media on strength in international networks, and a 4.3% increase in studios, driven by 58.8% growth in theatrical on strong results at the box office. This was partially offset by a 1.3% decline in Residential Connectivity and Platforms, due to a 15.0% drop in advertising and 6.5% decline in video. CMCSA lost 34k domestic broadband customers, but added 310k wireless lines. We are encouraged by recent results and commentary by management, with its wireless business continuing to perform extremely well, while the upcoming Olympics should be a boost to advertising.