Goldman Sachs analyst Michael Ng reiterated the Buy rating on Comcast Corporation (NASDAQ:CMCSA) with a price forecast of $50.
The analyst projects the company to report in-line results for the fourth quarter, with revenue of $31.6 billion, EBITDA of $8.50 billion, and EPS of $0.86.
Segment forecasts include Connectivity and Platforms EBITDA of $7.67 billion, slightly below consensus, and Content and Experiences EBITDA of $1.13 billion, slightly above consensus, Ng adds.
In Connectivity & Platforms, broadband net adds are projected to fall more than the consensus, with 3.2% residential broadband ARPU growth, slightly below the consensus of 3.3%.
Within Content & Experiences, the analyst expects Media EBITDA to be $289 million (consensus $313 million), Studios EBITDA $378 million ($360 million consensus), and Theme Parks EBITDA $731 million ($742 million consensus).
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The analyst sees the company to have minimal growth over the next twelve months, with 0% revenue growth and 1% EBITDA growth in 2025. However, investor sentiment is anticipated to improve in 2025 due to strong C&P performance (3% – 4% broadband ARPU growth) and growth potential in 2026 from events like the Super Bowl and Epic Universe expansion.
The analyst views the company’s shares as attractively valued, with a 10% FCF yield and 5% EPS growth in 2025, supported by $8 billion in estimated buybacks.
Comcast will report its fourth quarter and full-year 2024 results on Thursday, January 30, 2025.
Price Action: CMCSA shares are trading lower by 0.112 to $36.41 at last check Tuesday.
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