Jefferies Reiterates Buy Rating, $45 PT on Comcast Corporation on Announced BNCU Acquisition

In a report published Wednesday, Jefferies reiterated its Buy rating and $45.00 price target on Comcast Corporation CMCSA. Jefferies noted, “4Q results were largely in line with our/Street ests. More importantly, CMCSA agreed to acquire GE's remaining 49% stake in NBCU for $18.1B (incl. $1.4B in real estate assets) or ~9x projected 2013 OCF. Given continued strength of the businesses, higher participation in NBCU growth, upward-trending FCF, and aggressive return of capital, we maintain Buy rating and $45 TP.” Comcast Corporation closed on Tuesday at $38.97.