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UPDATE: Brean Capital Reiterates on Comcast Following Strong 4Q13 Results


In a report published Tuesday, Brean Capital Analyst Todd Mitchell reiterates a Buy rating on Comcast (NASDAQ: CMCSA) and maintains the same price target at $63. Some of the better-than-expected results were from NBC Universal. Comcast is anticipated to outperform in the cable industry with the introduction of a unique Xfinity video offering.

In the report, Brean Capital noted, "We look for a 6% increase in capital expenditures of $7 billion, for a 1% increase in FCF in 2014 to $8.6 billion. Despite the headwinds to FCF growth, Comcast is projecting capital returns of $5 billion, up from $4 billion in 2013, and increasing its buyback to $3 billion in 2014, from $2 billion in 2013, which we believe represents the best opportunity for risk-adjusted returns in the sector. As a result, we reiterate our Buy rating and 2014 target price of $63.

On Monday, Comcast closed at $53.35.


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