As previously reported, Wells Fargo downgraded Comcast (CMCSK) (CMCSA) to Underweight from Equal Weight with a price target of $31, down from $37. The firm says Comcast is being pulled into a convergence investment cycle with higher mobile costs to re-accelerate broadband. Wells trims C&P, while NBCU also faces challenges. Its 2025/2026 EBITDA is -4%/-5% vs Street. Comcast is no longer defensive, the firm adds.
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