In a report published Friday, Wunderlich Securities analyst Matthew Harrigan reiterated a Buy rating on Comcast Corporation (NASDAQ: CMCSA), and raised the price target from $49.00 to $56.00.
In the report, Wunderlich Securities noted, “We are increasing our S&P 500 linked price target for Buy-rated Comcast (CMCSA) to $56 from $49, with four points of the increase simply from now emphasizing 2014. This represents 36% organic upside from Wednesday’s close, implying that M&A candidate Time Warner Cable (TWC-$112.45, Hold) would have to reach $153 to provide similar upside. Comcast is now redesigning itself as a software company that adapts itself to consumer electronic product cycles, and has seemingly outdistanced itself from domestic peers in current marketing and technology roadmap execution. We are sympathetic to the argument that the MSO just returned $16.7B to shareholders through the accelerated NBC Universal deal, although we still expect Comcast to emphasize gross debt reduction.”
Comcast Corporation closed on Wednesday at $41.15.
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Posted in: Analyst Color, Price Target, Analyst Ratings