Comcast price target lowered to $38 from $47 at Bernstein

Bernstein analyst Laurent Yoon lowered the firm’s price target on Comcast (CMCSK) (CMCSA) to $38 from $47 and keeps a Market Perform rating on the shares. The firm notes Comcast stock is down over 10% and that’s on top of a 10% decline since the Q3 earnings call. The sentiment aligns with Bernstein’s views shared in its Telco initiation note, and the glaring signs were evident along the way. The firm did not expect this level of negative sentiment, and the reaction seems to reflect more than Q4 results.