Scotiabank Issues Pessimistic Forecast for Comcast (NASDAQ:CMCSA) Stock Price

Key Points

• Scotiabank cut Comcast’s price target from $36.00 to $32.75 while keeping a sector perform rating. The new target still implies roughly 38% upside from the prior close.
• Analyst sentiment on Comcast remains mixed overall, with a MarketBeat average rating of Hold and an average price target of $33.64. Other firms recently adjusted views in both directions, including upgrades from Deutsche Bank and Seaport and cuts from Wells Fargo and BNP Paribas Exane.
• Comcast shares were up 2.3% to $23.72 in midday trading, and the stock remains near its 52-week low of $22.13. The company also recently beat quarterly earnings and revenue estimates, reporting $0.79 EPS on $31.46 billion in revenue.

Comcast (NASDAQ:CMCSA - Get Free Report) had its price objective reduced by stock analysts at Scotiabank from $36.00 to $32.75 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a "sector perform" rating on the cable giant's stock. Scotiabank's target price indicates a potential upside of 38.09% from the stock's previous close.

CMCSA has been the topic of several other reports. Deutsche Bank Aktiengesellschaft upgraded Comcast from a "hold" rating to a "buy" rating and reduced their target price for the company from $34.00 to $32.00 in a report on Tuesday, June 30th. Wells Fargo & Company dropped their price target on shares of Comcast from $29.00 to $28.00 and set an "underweight" rating on the stock in a research report on Tuesday, July 7th. Royal Bank Of Canada upped their price objective on shares of Comcast from $31.00 to $32.00 and gave the company a "sector perform" rating in a research note on Friday, April 24th. Seaport Research Partners upgraded shares of Comcast from a "neutral" rating to a "buy" rating in a research report on Thursday, July 2nd. Finally, BNP Paribas Exane lowered their target price on shares of Comcast from $25.00 to $22.00 and set an "underperform" rating for the company in a research note on Tuesday. Eleven research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $33.64.

Comcast Trading Up 2.3%

CMCSA traded up $0.53 during midday trading on Wednesday, hitting $23.72. 3,332,711 shares of the company were exchanged, compared to its average volume of 34,280,555. The firm has a market capitalization of $84.72 billion, a P/E ratio of 4.65, a P/E/G ratio of 1.98 and a beta of 0.67. Comcast has a 1-year low of $22.13 and a 1-year high of $36.01. The firm's 50 day moving average price is $24.14 and its 200-day moving average price is $27.61. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.01.

Comcast (NASDAQ:CMCSA - Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The cable giant reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.06. Comcast had a return on equity of 15.47% and a net margin of 15.00%.The company had revenue of $31.46 billion during the quarter, compared to analysts' expectations of $30.42 billion. During the same quarter in the prior year, the firm posted $1.09 earnings per share. The business's quarterly revenue was up 5.3% on a year-over-year basis. As a group, equities analysts forecast that Comcast will post 3.49 EPS for the current fiscal year.

Institutional Trading of Comcast

Several large investors have recently modified their holdings of CMCSA. Allied Private Wealth LLC acquired a new stake in Comcast in the second quarter worth $26,000. Imprint Wealth LLC acquired a new position in shares of Comcast during the third quarter valued at about $26,000. Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new position in shares of Comcast during the 4th quarter worth about $27,000. Whipplewood Advisors LLC boosted its position in shares of Comcast by 75.5% during the 1st quarter. Whipplewood Advisors LLC now owns 932 shares of the cable giant's stock worth $27,000 after purchasing an additional 401 shares in the last quarter. Finally, Main Street Group LTD acquired a new stake in shares of Comcast in the 1st quarter valued at about $27,000. Institutional investors and hedge funds own 84.32% of the company's stock.

About Comcast

Comcast Corporation NASDAQ: CMCSA is a diversified global media and technology company headquartered in Philadelphia, Pennsylvania. Its principal operations are organized around Comcast Cable, which provides broadband internet, video, voice and wireless services to residential and business customers in the United States under the Xfinity and Comcast Business brands, and NBCUniversal, a media and entertainment group that develops, produces and distributes content across broadcast and cable networks, film, and streaming platforms.

NBCUniversal's assets include the NBC broadcast network, a portfolio of cable channels, Universal Pictures and other film and television production businesses, and the Peacock streaming service.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.