Comcast Likely to Post Overall Disappointing 3Q, KeyBanc Says
Dow Jones
Sep 25
1026 ET - Comcast looks set to post worse-than-expected results on every key metric for 3Q, KeyBanc Capital Markets analyst Brandon Nispel says in a note. In particular, Comcast's broadband net adds likely won't improve year-over-year as compelling offers from competitors ramp up competition, Nispel says, citing recent commentary. "CMCSA views these offers as 'irrational,' which we think shows CMCSA unwillingness to match competitors' offers," Nispel says. "While there is always some ebb and flow in promos, we don't expect competitors to back off." Nispel downgrades Comcast to underweight from sector weight and establishes an $18 price target. Comcast is off 2.2% to $21.65.
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