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UPDATE: Pivotal Research Group Upgrades Comcast to Buy on Strong Q3 Results

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Pivotal Research Group raised its rating on Comcast (NASDAQ: CMCSA) from Hold to Buy and increased its price target from $39 to $47.

Pivotal Research Group noted, "Post the stronger than expected 3Q results, we raised our long-term data ARPU forecasts materially (in similar fashion to TWC) as it appears cable still has significant pricing power in data + the ability to take share, reduced our video sub loss forecast going forward, raised our terminal cable exit value in our DCF from 6.0 to 6.25x (reflective of the aforementioned increasingly dominant wire-line data position) and raised our NBC broadcast EBITDA forecasts to better account for a likely material increase in NBC's retransmission fees over the next few years. We also decided to eliminate our previous conservative 10% conglomerate discount."

Comcast closed at $37.10 on Thursday.

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Posted-In: Pivotal Research GroupAnalyst Color Upgrades Intraday Update Analyst Ratings


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