Morgan Stanley analyst Benjamin Swinburne lowered the firm’s price target on Comcast (CMCSA) to $37 from $38 and keeps an Equal Weight rating on the shares. Comcast believes it has the products to win in the market, but “it is not winning today,” the analyst says. Shares trade at the lowest multiple in the industry and a discount to historical levels so they are “discounting a lot of risk,” but investors will likely need proof points a transformation is working before shares can re-rate, the analyst added in a post-earnings note.
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Read More on CMCSA:
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