Scotiabank analyst Maher Yaghi assigned a Neutral/Sector Perform rating to Comcast and established a price objective of $35.25, implying nearly 20% upside. This forecast comes as the company grapples with intensified competition in broadband, evidenced by a 50-point spread between its 52-week high of $35.60 and low of $24.13. The target underscores confidence in Comcast’s diversified media and cable segments while highlighting ongoing concerns around subscriber retention and capital allocation in its core internet business.

In the fourth quarter, Comcast reported adjusted earnings per share of $0.84, topping the consensus estimate of $0.73, while revenues reached $32.31 billion, narrowly missing the $32.35 billion consensus. Theme Parks delivered record attendance and revenue growth of 7% year-over-year, and Peacock subscriber additions exceeded forecasts by 15%, offsetting a 2% decline in broadband revenue. Studio operations underperformed, with film releases generating 10% lower theatrical revenue compared to the prior year quarter.

Adjusted EBITDA climbed 10.3% year-over-year to $7.9 billion, while free cash flow surged 34% to $4.37 billion, reflecting disciplined cost management and faster payback on network investments. The wireless unit achieved its strongest performance to date, adding 1.5 million net lines during the quarter and bringing total lines to over 9 million. Comcast also confirmed its annual dividend of $1.32 per share for 2026, payable as quarterly distributions of $0.33, signaling confidence in sustained cash generation despite broadband margin pressures.