Seaport Research downgraded Comcast (CMCSA) to Neutral from Buy without a price target following the earnings report. The firm cites Comcast’s “incrementally negative” broadband average revenue per user and cost commentary necessary to drive up broadband and wireless volumes for the downgrade. There is “no need to rush to buy the pullback” in Comcast shares, the analyst tells investors in a research note. Seaport believes the company’s broadband business cash flow drives its economics.
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