Comcast Shares Gain On RBC Capital Rating Upgrade

RBC Capital analyst Steven Cahall upgraded the rating on Comcast Corp CMCSA to Outperform, from Sector Perform, with a $60 price target, suggesting an upside of 18%.
Cahall stated that the recent 19% sell-off since early August is overdone.
"While we acknowledge that telco fiber and fixed wireless will pressure Comcast's fundamentals, our analysis suggests concerns over the impacts to subscriber growth have been overblown," Cahall noted.
Cahall added that Comcast would likely keep investing in Peacock, which Cahall said he is "encouraged" by how the company is rolling out the streaming service in different countries.
Price Action: CMCSA shares traded higher by 2.35% at $50.90 on Monday's last check.