Market News

Comcast, Apple Launch Apple TV+ on Comcast Devices

In collaboration with Apple (NASDAQ: AAPL), media and technology company Comcast Corporation (NASDAQ: CMCSA) has announced the launch of Apple TV+ across Comcast’s entertainment platforms in the U.S.

Following the news, shares of the company declined almost 2% to close at $46.30 on Monday. However, the fall can be attributed to wider market concerns.

Initially, Apple TV+ will be made available across Comcast’s Xfinity X1, Xfinity Flex and XClass TV and eventually all devices in the coming days. Further, Xfinity customers who are not currently Apple TV+ subscribers will be eligible for a three-month free trial of Apple TV+.

Management Commentary

The Chief Business Development Officer at Comcast, Sam Schwartz, said, “With the launch of Apple TV+, our customers now have access to all of today’s most popular streaming services through our aggregated user experience and award-winning voice technology. By leveraging our global technology platform, our partners can distribute apps on one tech stack to reach tens of millions of viewers.”

Stock Rating

Recently, Truist Financial analyst Gregory P Miller downgraded the stock to Hold from Buy with a price target of $50, which implies upside potential of 8% from current levels.

The Wall Street community is cautiously optimistic about the stock and has a Moderate Buy consensus rating based on 12 Buys, 4 Holds and 1 Sell. The average Comcast stock prediction of $58.12 implies that the stock has upside potential of 25.5% from current levels. Shares have declined 16.6% over the past year.

Website Traffic

TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into Comcast’s performance this quarter.

According to the tool, year-to-date, the Comcast website traffic recorded a fall of 22.65%, compared to the previous year.

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