Oppenheimer Reports On CMCSA 1Q Results

Oppenheimer is maintaining its Outperform rating and its $30 price target on Comcast CMCSA based on the company's 1Q results and its model update. Says Oppenheimer, in its report, “We have updated our forecast to reflect 1Q results and the full incorporation of NBC's top-down results. We are keeping our EPS estimates unchanged, though we do believe that our merger accretion forecast remains conservative. Upside to our estimates could come from a turnaround in NBC broadband but the timing is difficult to predict. We will be able to make a better assessment of the company's future financial performance once CMCSA reports 2Q11, which will be the first quarter fully incorporating NBC's results. We remain comfortable with our EPS forecast, and CMCSA remains our top large-cap pick. The stock is trading at an attractive 13% 2012E free cash flow yield.” CMCSA closed at $25.44 yesterday.