Comcast Maintained at Buy by Loop Capital Despite Media Revenue Miss

Loop Capital analysts reaffirmed a Buy rating for Comcast (NASDAQ:CMCSA) and maintained the price target at $54. Despite reporting lower broadband subscriber losses than anticipated and minimal impact from the Affordable Connectivity Program (ACP) on Q2 results, Comcast's overall revenue fell short on the media side. However, both connectivity and total company EBITDA surpassed expectations by approximately $120 million.

The analysts adjusted the Q3 EBITDA estimate, reducing it by about $375 million due to lower projections for media and theme parks, partially offset by an improved film forecast. For the full year, the EBITDA estimate has been trimmed by around $125 million, which is just a 0.3% decrease. Conversely, the 2025 EBITDA estimate has been increased by a similar amount.

The company confirmed its NBA deal, which was already factored into previous projections. Despite these adjustments, the analysts remain optimistic about Comcast's ability to capitalize on the media environment.