Redburn Atlantic downgraded Comcast to Neutral from Buy with a price target of $44, down from $50. The firm’s top-down broadband analysis suggests additional downside to cable broadband subscription consensus estimates across 2024 and 2025. The analyst believes the combination of slowing market growth and continued fixed wireless access dominance among more price-sensitive consumers will work against cable expectations. In addition, growth in sports streaming “cannot be ignored and will almost certainly accelerate cord-cutting,” the analyst tells investors in a research note.
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