Comcast Model Update
In this note, we adjust estimates to reflect comments made at conferences and our evolving view of the broadband market. We think broadband market growth considerably slowed in 1Q24. All broadband providers were likely impacted. In addition, Comcast has adjusted its approach to the broadband market to protect ARPU in a period of slower subscriber growth. No change to thesis. Price target is $50 (+22%).Comcast is a media and technology company. The company's segments are: Cable Communications, which provides internet, video, voice, and security and automation services in the United States individually and as bundled services at a discounted rate over its cable distribution system to residential and business customers; NBCUniversal, which includes a portfolio of national cable networks that provide a variety of entertainment, news and information, and sports content, regional sports and news networks, international cable networks, and cable television studio production operations; and Sky, which owns a portfolio of pay television channels that provide entertainment, news, sports and movies.
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