UPDATE: Bank of America Raises PO to $48 on Comcast on Growth

Bank of America reiterated its Buy rating on Comcast

and increased its price objective from $43 to $48. Bank of America noted, "The Company remains our favorite pick in Media given: (1) stable EBITDA/FCF growth, which is at the high-end of its peers; (2) potential for significantly higher capital returns, given growing FCF and an under-levered balance sheet (we are now projecting $4bn in repurchases for 2013E from $3.5bn previously); (3) Dominance in HSD, its highest margin product (4) An attractive valuation, trading at only 6.4x 2013E EBITDA, supporting a FCF yield of ~8% in 2013. In our view, there is ample room for multiple expansion, given the best-in-class Cable performance and the evidence of an NBCU turnaround under Comcast's management." Comcast closed at $36.51 on Friday.