** Rosenblatt cuts media and telecom major Comcast's CMCSA.O PT to $33 from $38, a 12.8% upside on stock's last close

** Brokerage says co's key cash flow driver, broadband, faces a long-term trend of rising competition in an arguably nearly saturated market

** However, says a spin-off of much of Comcast's TV networks business coming soon (Versant) could help co's shares

** 14 of 32 brokerages rate the stock "buy" or higher, 16 "hold" and two "sell"; their median PT is $39 - data compiled by LSEG

** Including session moves, shares down about 22% YTD

(Reporting by Parth Chandna)

((Parth.Chandna@thomsonreuters.com;))