By Dhirendra Tripathi
Investing.com – Comcast stock (NASDAQ:CMCSA) rose 2.5% on Monday on an upgrade from RBC Capital to outperform with a target of $60, a nearly 18% jump from the current price of $51.
The brokerage said concerns surrounding subscriber growth at the telecom and media firm are overblown even as fiber and fixed wireless assets pressure its fundamentals.
RBC analyst Steven Cahal wrote in a note that he has been "encouraged by its measured rollout strategy and partnership approach as it expands into additional territories,” according to StreetInsider.
Last year, Comcast forayed into the smart TV market with the launch of its own device in the U.K. The smart TV, Sky Glass, hosts Comcast’s own operating system and the company has plans to offer it in more European countries this year.
Earlier in January, the company struck a deal with ViacomCBS (NASDAQ:VIAC) to deliver the latter’s portfolio of broadcast, entertainment, news, and sports programming to customers of its 5G Xfinity service.
Cahal expects the company to boost its ongoing share buyback program to $10 billion in 2022 and toward $20 billion in 2025 assuming healthy earnings before interest, taxes, depreciation and amortization growth.
The analyst expects Comcast to continue investing in its streaming service Peacock under subsidiary NBCUniversal.
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