Wunderlich Securities Comments on Comcast Corporation

Wunderlich Securities provided color on Comcast Corporation CMCSA. In a research report published today, Wunderlich stressed it remains optimistic about Comcast's long term outlook, even though some of its competitors seem to be going through a rough patch. At the moment, Wunderlich has a Buy rating and price target of $33 on Comcast. In the report, Wunderlich states, "We remain positive on Buy-rated Comcast (CMCSA). Our FiOS/U-Verse matrix suggests that cable can continue to generate mid-single digit OCF growth especially with business services, while the Street has been reluctant to accord upside on NBCU congruent with major moves in integrated studio network stocks. Significant Q1 losses at the NBC Network (presumably) and Universal Pictures admittedly prodded investors that these businesses constitute intermediate term capital calls, although we estimate that the legacy NBCU cable nets alone are worth $37.3B, or $27.3B even with all group overhead and CapEx allocated. This is against a $30B deal valuation for all the Jeff Zucker imperium NBCU assets." On Wednesday, Comcast's closing value was $25.37.