Wunderlich Likes NBC Universal Deal For Comcast Corporation (CMCSA)

Wunderlich Securities has a Buy rating and an $28.50 price target on shares of Comcast Corporation CMCSA after the company received approval for its NBC Universal purchase yesterday. In a note to clients, Wunderlich writes, "Yesterday, the FCC approved the Comcast Corporation (CMCSA) NBC Universal joint venture by a 4 to 1 vote, with Democrat Michael J. Copps dissenting as expected over market power concerns. (The DOJ is also on board). Conditions for broadband programming access and net neutrality largely avoided imposing de facto templates on other MSOs and programmers through mandated revisions in business approaches. Many of the deal conditions apply for a long seven-year period. Our $28.50 target for Buy-rated Comcast is derived off our S&P 500-linked valuation template. We view any fallout from deal conditions as substantially less than the gain in value for NBC Universal since the deal was announced." Shares of CMCSA gained 6 cents yesterday to close at $22.78.