Bernstein lowered the firm’s price target on Comcast (CMCSK) (CMCSA) to $34 from $36 and keeps a Market Perform rating on the shares following quarterly results. The firm notes Comcast beat consensus by nearly 40K subscribers, losing “only” 91K residential subs in the quarter. As the mix transitions, Bernstein believes ARPU will stay under pressure, and spending will remain elevated to offset further decline.
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