Comcast Receives a Buy from Oppenheimer


In a report released today, Timothy Horan from Oppenheimer maintained a Buy rating on Comcast (NASDAQ: CMCSA), with a price target of $42. The company’s shares opened today at $33.35.

Horan wrote:

“Disney revised its bid for 36% increase from its previous offer and now split evenly between cash and stock which is likely attractive for certain Fox shareholders, but sellers will have flexibility in allocation (i.e., anyone who wants all stock is almost certain to receive it). We believe this effectively ends Comcast’s chances for acquiring Fox as topping the bid would take CMCSA’s leverage too high and the offer is ~9% above Comcast’s bid and at 18x pre-synergy EBITDA. CMCSA’s shares will likely trade up as the company forgoes the significant debt burden it would have had to take on.”

According to TipRanks.com, Horan is a top 100 analyst with an average return of 16.5% and a 74.6% success rate. Horan covers the Technology sector, focusing on stocks such as Interxion Holding NV, Boingo Wireless Inc, and Zayo Group Holdings.

Currently, the analyst consensus on Comcast is Moderate Buy and the average price target is $48.86, representing a 46.5% upside.

In a report issued on June 7, Jefferies also initiated coverage with a Buy rating on the stock with a $41 price target.

See today’s analyst top recommended stocks >>

Based on Comcast’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $22.79 billion and net profit of $3.12 billion. In comparison, last year the company earned revenue of $20.46 billion and had a net profit of $2.57 billion.

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