Comcast falls; KeyBanc downgrades on broadband, theme park concerns
Comcast shares fell 1.4% in premarket trading after KeyBanc cut its rating to underweight from sector weight, citing broadband competition and theme park concerns. KeyBanc set an $18 price target, implying 18.7% downside to the stock’s last close.
1. KeyBanc cuts rating
KeyBanc downgraded Comcast to underweight from sector weight and set a price target of $18, implying 18.7% downside to the stock’s last close. The brokerage cited increasing broadband competition and pressure on subscriber additions.
2. Theme park concerns
KeyBanc expects theme parks to remain under pressure from soft attendance in Orlando and weaker visitation in Osaka. The average rating among 30 analysts is hold, with a median price target of $29. Comcast shares were down about 21% year to date as of the last close.
