Deutsche Bank Reiterates Buy, $34 PT on Comcast
Deutsche Bank maintains its Buy rating and $34 price target on Comcast (NASDAQ: CMSCA) following Q4 numbers ahead of expectations.
Deutsche Bank notes, "Comcast rpt'd 4Q ahead of our expectations, in particular impressive video sub performance and beating our cable revenue, cable EBITDA, cable capex, NBCU revenue, NBCU EBITDA, EPS and FCF, while the 2012 return of capital plan is at the upper end of our $4b-$5b estimate range. Clearly, 2012 guidance is critical and mgmt will likely try to hold back the Street as much as they can (we would expect flat cable margins, flat capex, NBCU commentary to be restrained given NBA benefit in 4Q hurts 1H12 and poor primetime ratings at NBC, partially offset by The Voice, the decision on the purchase price acctg adj. for the Olympics and NFL)."
CMSCA closed at $27.15 on Tuesday.
