Comcast (CMCSA) stock was up 1.83% at $44.86 at the time of this writing on October 4. Earlier today, Citigroup raised its 12-month price target on Comcast stock from $50 to $56. Comcast stock closed trading at $44.06 on October 3 and had a value of $200.25 billion. Citigroup’s target indicates a 27.1% rise in its current price.
Citigroup analyst Michael Rollins maintained his “buy” rating on the stock, according to The Fly. The Fly reported that cable giant Comcast was “well positioned to grow in the broadband market, take share in the business market, navigate the ongoing transition within video distribution, and retain ‘positive optionality’ to improve value from its Sky platform.”
Comcast stock price target
Wall Street analysts’ mean price target on Comcast stock is $50.30. The price target implies about a 14.2% upside from the stock’s last closing price. On October 2, MoffettNathanson analyst Craig Moffett increased Comcast’s price target to $49 from $43. He has a “neutral” outlook on the stock.
Comcast’s customer base
Comcast has shifted its focus to high-speed Internet, where it’s gaining traction amid the pay-TV decline. In the second quarter, the company lost net 209,000 residential video subscribers compared to 136,000 net losses in the second quarter of 2018.
In the second quarter, Comcast’s high-speed Internet revenue rose 9.4% YoY (year-over-year) driven by a net addition of 209,000 high-speed Internet customers, which included 182,000 high-speed residential Internet additions and 28,000 high-speed business Internet additions. The company’s high-speed Internet customer count rose 4.9% YoY to 27.81 million on June 30. In 2019, Comcast expects to gain more than 1 million high-speed Internet customers.
In April 2020, Comcast’s NBCUniversal plans to launch a new direct-to-consumer video streaming service named Peacock. It will launch the service with more than 15,000 hours of content. AT&T’s WarnerMedia segment plans to launch its own video streaming service called HBO Max in April 2020. Apple plans to launch Apple TV+, and Disney plans to launch Disney+ in November.
On October 3, Comcast stock rose 0.02% and closed at $44.06. It was trading 6.79% below its 52-week high and 35.11% above its 52-week low. Year-to-date, Comcast stock is up 29.4%. However, the stock has fallen 1.87% in the last five trading days.
Comcast has an upper Bollinger Band level of $47.75. Its middle Bollinger Band level is $45.88, and its lower Bollinger Band level is $44.01. On October 3, Comcast stock closed near its lower Bollinger Band level, indicating that it was oversold.
Read Comcast Stock: Analysts’ price target and Ratings and Oppenheimer Upgrades Undervalued Comcast Stock to learn more. You may also be interested in Roku Stock Fell Due to Comcast’s Product Announcement.