Comcast to Stream Tokyo Olympic Games on Peacock; Shares Fall 4%

Comcast (CMCSA) is bringing live Tokyo Olympic events coverage to its streaming platform Peacock. Comcast stock fell 3.73% on Wednesday to close at $55.48.

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Peacock’s Tokyo Olympics destination is set to launch on July 15. It will provide a broad programming schedule, including live coverage of the competition’s major events, such as gymnastics and track and field action.

Daily live shows will complement event coverage. These will include a morning show called Tokyo LIVE, hosted by Matt Iseman and Akbar Gbajabiamila. Also lined up is the Tokyo Gold show, hosted by Rich Eisen, to provide a comprehensive look at the day’s most compelling performances.

In addition to live events and complementary shows, Peacock will also offer several Olympics-themed channels, including moments from past competitions. The service will also provide full event replays to enable fans to catch up on the games.

Olympics programming on Peacock will be free to stream, except USA Men’s live Basketball coverage, which will only be available to Peacock Premium subscribers. (See Comcast stock chart on TipRanks).

Yesterday, HSBC analyst Sunil Rajgopal reiterated a Buy rating on Comcast stock and raised the price target to $64 from $56. Rajgopal’s new price target suggests 15.36% upside potential. Comcast is the analyst’s preferred pick in the U.S. Telecoms sector.

Rajgopal sees several potential benefits for Comcast. For example, the analyst says the company is well-positioned to benefit from the economic recovery. Second, the analyst notes that Comcast owns a 33% stake in Hulu and stands to benefit from Hulu’s strong performance.

Consensus among analysts is a Strong Buy based on 11 Buys, 1 Hold, and 1 Sell. The average Comcast analyst price target of $63.92 implies 15.2% upside potential to current levels.

According to TipRanks’ Hedge Fund Trading Activity tool, confidence in CMCSA is currently Positive. The cumulative change in holdings across all 37 funds that were active in the last quarter was an increase of 1.9 million shares.