Wunderlich Securities Has Buy Rating On Comcast (CMCSA)

Wunderlich Securities is out with a research report on Comcast Corporation CMCSA after it announced it would be having the NHL on NBC through the 2021 season. It has a Buy rating and a $33 price target on shares. In a note to clients, Wunderlich writes, "Tuesday afternoon NBCUniversal sports head Dick Ebersol and NHL Commissioner Gary Betman announced a new 10-year deal for the NHL that includes 100 regular season games and full digital rights. The main showcase will be the soon-to-be-remonikered Versus, with some games on NBC and other cable nets. The supposed deal price is in the $200mm vicinity annually for 10 years – showing a commitment to sports as the post 2012 Olympic bidding ensues. With fair value for NBCUniversal estimated at $44B vs. $30B nominally in Dec. 2009, Comcast's (CMCSA) 2011E isolated cable OCF multiple falls from 5.2x to 4.5x. We maintain our Buy rating and $33 price target on CMCSA shares." Shares of CMCSA are up 45 cents to $24.74, a gain of 1.86% so far today.