.July 24, 2024 09:22:00 AM

Loop Capital analysts reiterated a Buy rating for Comcast (NASDAQ:CMCSA) with a price target of $54. Despite lower broadband subscriber losses and minimal impact from the Affordable Connectivity Program, Comcast’s revenue fell short on the media side. However, connectivity and total company EBITDA exceeded expectations by approximately $120 million.

Q3 EBITDA estimate was adjusted, decreasing by $375 million due to lower media and theme park projections, partially offset by an improved film forecast. Full-year EBITDA estimate was trimmed by around $125 million, a 0.3% decrease, while the 2025 EBITDA estimate was increased by a similar amount.

Comcast confirmed its NBA deal, already factored into previous projections. Analysts remain optimistic about Comcast’s ability to capitalize on the media environment despite adjustments in estimates.