Brean Capital Reiterates Buy Rating, $45 PT on Comcast Corporation on Announced NBCU Purchase

In a report published Wednesday, Brean Capital reiterated its Buy rating and $45.00 price target on Comcast Corporation (NASDAQ: CMCSA).

Brean Capital noted, “Comcast is set for value recreation with NBCU purchase. Last night Comcast announced solid in-line 4Q12 results and that it would acquire GE's 49% interest in NBCU along with its NY based facilities in a deal worth $18.1 billion. The transaction limits our thesis that Comcast was positioned to increase its capital returns to shareholders in 2013, but we see it as a positive development nevertheless. Not only is the deal expected to be immediately accretive, we also believe Comcast's ownership of NBCU provides it with a revenue mix and potential operating leverage, as well as certain strategic advantages in the shift to a TV Everywhere model, which will allow it to continue to outperform its peer group in the foreseeable future. As a result, we reiterate our Buy rating on shares of CMCSA.”

Comcast Corporation closed on Tuesday at $38.97.

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