KeyBanc last night downgraded Comcast (CMCSA) to Sector Weight from Overweight without a price target following the Q3 report. The firm says that while the company’s broadband and mobile net additions were better than expected, it underappreciated the investment needed to achieve the results. With further investment needed, Comcast’s shareholder returns are moving lower and shares face a lack of catalysts, the analyst tells investors in a research note. KeyBanc also believes competitive intensity in broadband is going to get higher moving forward.
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