Goldman Adds Comcast To Conviction Buy

Goldman Sachs has added Comcast Corp. CMCSA to its Conviction Buy List with a $31 price target on shares. In a note to clients, Goldman writes, "We are adding Comcast to the Conviction Buy list, and see 31% upside to our $31, 12-month price target. Comcast is a controversial stock. The Cable & Satellite sector recently has taken its cue from capital allocation decisions, with buybacks largely trumping fundamentals in relative importance for equity performance. Comcast's focus on the content investment cycle has weighed on the stock's relative performance in the group, in our view. We believe Comcast is a high quality asset, with best-in class near-term cable metrics, but industry low valuation multiples." Shares of CMCSA are up 49 cents in pre-market trading to $24.20, a gain of over 2% this morning.