Goldman Sachs downgraded Comcast (CMCSA) to Neutral from Buy with a price target of $30, down from $39. Comcast’s challenges in broadband amid competition from fiber and FWA were well understood, but Goldman “underappreciated” the magnitude of the broadband pricing reset that the company is pursuing, the analyst tells investors in a research note. The stock is potentially attractively valued on a sum-of-the-parts basis and the stock is cheap, the stock lacks a near-term positive catalyst within the core C&P business, the firm says.
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