Rosenblatt Securities reduced estimates for Comcast Corp (NASDAQ:CMCSA) to reflect the latest quarterly results.
The Comcast Analyst: Analyst Barton Crockett reiterated a Neutral rating, while cutting the price target from $33 to $30.
The Comcast Thesis: Connectivity & Platforms' ARPU (average revenue per user) is expected to be negatively impacted by "the transition to simpler broadband packaging," Crockett said in the note.
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The offer of free wireless for 12 months for adding broadband and competitive pressures in broadband are also factors.
The stock is down 29% year to date and is "trading at a trough EV/EBITDA multiple," he added.
The analyst lowered the revenue estimates for the fourth quarter, full year 2025 and 2026 from $32.90 billion to $32.66 billion, from $123.81 billion to $124.06 billion, and from $128.88 billion to $127.20 billion, respectively.
"There is an opportunity for 2027E to have better growth from the reset base, including the roll-off of free wireless and resumption of regular price hikes from a lower base," he further wrote.
CMCSA Price Action: Shares of Comcast had risen by 0.17% to $26.74 at the time of publication on Monday.
The stock is down 29% year to date and is "trading at a trough EV/EBITDA multiple," Crockett added.
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