Brean Capital Sees Continued Outperformance from Comcast

In a report published Wednesday, Brean Capital analyst Todd Mitchell reiterated a Buy rating and $60.00 price target on

. In the report, Brean Capital noted, “Comcast 1Q14 results show continued outperformance, affirm wisdom of TWC deal. We believe results should be an affirmation of the Time Warner Cable (TWC, Buy, $138.43) deal as investors can see the benefits to TWC from applying the CMCSA template. Comcast beat 1Q14 expectations on Consolidated Revenue, Operating Cash Flow, and EPS, driving upside with strong results for NBCU, due to the Winter Olympics coverage. Upside to consolidated results was from NBC, principally NBC broadcast network (Olympics) and Filmed Entertainment. "Cable results were in line with expectations, but highlighted by a second consecutive quarter of video RGU growth driven by the broader rollout of its X1 platform. Free Cash Flow declined 10% to $2.8 billion, due to a 22% increase in total capital expenditures. However, the company repurchased 15 million shares for $750 million, paid dividends of $508 million and affirmed $5.5 billion in buybacks in 2014.” Comcast closed on Tuesday at $50.83.