There is trouble afoot for communications titan Comcast (CMCSA), as new reports noted that the Federal Communications Commission (FCC) had its eye on the company over its diversity, equity and inclusion (DEI) programs. Drawing the government’s ire is a bad idea in good times, and Comcast shares slumped fractionally in the closing minutes of Wednesday’s trading.
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New chairman Brendan Carr is taking aim at Comcast, saying that the agency will be looking into whether or not Comcast is breaking any laws with its DEI programs. Apparently, Comcast’s DEI programs may be running afoul of the Equal Employment Opportunity Act, reports note. Carr noted: “Every single business that’s regulated by the FCC…I trust that they have now got the message that the time to end their invidious forms of DEI discrimination is now.”
The various networks, however, may have some protection afoot here; many networks started DEI programs as a means to “grow innovation,” and better gain access to some markets that were previously underserved. Whether or not these points will hold water with the FCC, however, remains to be seen.
A Bit of Cheer
Comcast could probably use a bit of good cheer right now, and that may be coming with a new documentary series, according to a Variety exclusive. Comcast will be getting together with Stephen Curry company Unanimous Media to produce Spirit, a series about an “underdog cheer team.”
The underdogs in question are the cheer team from George Washington High School, the first school in Philadelphia’s school district to reach the NCA High School Nationals. This is, of course, the kind of fodder that routinely makes for good “coming-of-age” stories, which Comcast likely hopes will happen here. The series will premiere February 27 as part of Comcast’s Black Experience, reports noted.
Is Comcast Stock a Good Buy Right Now?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on CMCSA stock based on 13 Buys and 11 Holds assigned in the past three months, as indicated by the graphic below. After a 13.58% loss in its share price over the past year, the average CMCSA price target of $42.93 per share implies 22.94% upside potential.
