Evercore Partners Reiterates Overweight, $33 Target on Comcast

Evercore Partners maintains its Overweight rating with a $33 target price on Comcast CMCSA as the scaling leverage in unit growth did not come at the expense of margins. Evercore Partners says, "Comcast's strong unit growth did not come at the expense of financial discipline. Cable revenue and EBITDA exceeded our estimates, growing 4.6% and 6.4%, respectively. Data and voice ARPUs were about in line with our estimates, while video was slightly lower. Advertising, business services, and other revenue were all stronger than we expected, while expenses were lower than our forecast and margins were higher." CMCSA closed at $17.20 a share on Wednesday.