Comcast price target lowered to $43 from $45 at KeyBanc

KeyBanc lowered the firm’s price target on Comcast (CMCSK) to $43 from $45 and keeps an Overweight rating on the shares. The firm doesn’t see a great setup anywhere, and admittedly, its ratings for the group reflect valuation dispersion vs. history and vs. near-term catalysts. For Q3, KeyBanc thinks the setup for Comcast (CMCSA)/Charter (CHTR) is uncertain; the firm expects weak broadband subs resulting from highly competitive intensity, where FWA/Fiber net adds should increase both quarter-over-quarter and year-over-year. While the net add trends are healthy for Wireless, KeyBanc expects high device subsidies, churn, and Cable Mobile net add growth quarter-over-quarter and year-over-year to drive share, creating a less positive backdrop.