UPDATE: Morgan Stanley Raises PT on Comcast to $29
Morgan Stanley has published a research report on Comcast (NASDAQ: CMCSA) and has raised the price target from $28 to $29 as the company is showing solid fundamentals and rising returns.
In the report, Morgan Stanley writes, "We remain EW on CMCSA while raising our price target to $29 on a modest raise to ‘13E FCF. 4Q results demonstrated continued outperformance vs. cable peers, as recent investments in product, marketing, and customer service are leading to a more significant and prolonged uplift that we had expected. However, higher investment at both cable and NBCU (along with higher associated D&A), combined with higher cable programming cost guidance prevents a more significant upward revision to our estimates."
Morgan Stanley maintains its Equal-weight rating on Comcast, which is currently trading up $0.14 from yesterday's $28.52 closing price.
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