Comcast price target lowered to $47 from $50 at Wells Fargo

Wells Fargo lowered the firm’s price target on Comcast to $47 from $50 and keeps an Equal Weight rating on the shares. The analyst is incrementally negative on cable, saying fiber is becoming a bigger headwind. The firm reduced estimates and target prices on an “incrementally negative backdrop.” Comcast is the “best house in the hood, but lacks positives,” the analyst tells investors in a research note. The firm believes broadband and subscriber trends have deteriorated over the last six months and will continue to be a headwind to cable valuations.