Report
Downgrading to Neutral - PT to $34
We are downgrading Comcast to Neutral. While the shares have already underperformed significantly this year, we have a number of concerns that we do not think will dissipate any time soon: 1) A bidding war for Sky and/or Fox seems likely, 2) the company's willingness to significantly stretch its balance sheet indicates that the current assets lack scale and the status quo is not an option, and 3) we are increasingly concerned about broadband differentiation/competition/pricing. Our new PT of $34 is based on the shares moving to a 30% discount to the broader market and we are downgrading to Neutral.
Underlying
Comcast Corp.
Provider
Atlantic Equities
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
Hamilton Faber
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