Comcast price target lowered to $40 from $43 at Macquarie

Macquarie lowered the firm’s price target on Comcast to $40 from $43 and keeps a Neutral rating on the shares. The analyst updated media industry metrics and models as media network reporting season ends. Advertising trends improved while linear subscribers fell further, the analyst tells investors in a research note. The firm says that while direct-to-consumer “helps to a point,” there is “much more news to come.” It notes that pay TV subs stepped down further to negative 10.4% year-over-year at the large public cable and satellite operators.