Wunderlich Securities Changes Estimates For Comcast

In a report published Monday, Wunderlich Securities analyst Matthew Harrigan reiterated a Buy rating and $65.00 price target on Comcast CMCSA. In the report, Wunderlich Securities noted, “Although we welcome Buy-rated Comcast's (CMCSA) likely cable footprint expansion via the Time Warner Cable (TWC-$148.46, Hold) acquisition, Rupert Murdoch's $85 per share bid for Time Warner (TWX-$87.23, Buy) highlights already locked-down upside on 100% Comcast-owned NBCUniversal. "We consequently have minimal angst regarding Washington's approval of the horizontal cable deal, although we regard it as likely to pass muster with conditions. (Approval is especially plausible with Comcast moving below 30% cable market share with the deal contingent spin-off and sale of a total of 3.9mm video subscribers). However, the downside of sharing NBCUniversal upside with TWC investors actually implies $71 vicinity upside next year ($65 in 2014) on Comcast with or without approval in Washington.” Comcast closed on Friday at $54.54.