Market Overview

UPDATE: Bank of America Reiterates Buy Rating, Raises PT on Comcast Corporation on Announced NBCU Purchase

Related CMCSA
Wunderlich Securities Sees Multiple Growth Opportunities For Comcast Corporation
Benzinga's Volume Movers
Media Mega Merger: Will Time Warner, Fox Join Forces? (Fox Business)

In a report published Wednesday, Bank of America reiterated Buy rating on Comcast Corporation (NASDAQ: CMCSA), and raised its price target from $48.00 to $57.00.

Bank of America noted, “In a surprise (early) transaction and what we consider a valuation ‘steal,' Comcast announced (along with 4Q'12 earnings) the acquisition of the remaining 49% of NBCU from GE, for ~$16.7bn, implying a (low) 9.0x multiple on 2013E EBITDA. Comcast is paying essentially the equivalent to what it paid for half of the asset two years ago, despite ~24 months of op. turnaround, we believe the asset is worth more, and there is clearly value in owning 100% of an improving business. Comcast is also acquiring $1.4bn in GE-owned real-estate, including the iconic ‘30-Rock' HQ and CNBC's New Jersey location.”

Comcast Corporation closed on Tuesday at $38.97.

Latest Ratings for CMCSA

DateFirmActionFromTo
Jul 2014Raymond JamesMaintainsStrong Buy
Apr 2014Deutsche BankMaintainsBuy
Apr 2014Pacific CrestMaintainsOutperform

View More Analyst Ratings for CMCSA
View the Latest Analyst Ratings

Posted-In: Bank of AmericaAnalyst Color Price Target Analyst Ratings

 

Related Articles (CMCSA)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters