Comcast Corp Class A

CMCSA: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$95.00	Clmwqs	Nfhpjlc

Comcast Earnings: Shares Remain Attractive Despite Another Tough Quarter

Michael Hodel

Jul 23, 2024

Comcast reported a 2.7% revenue decline during the second quarter and a sharp drop in free cash flow, primarily related to tax payments, sending shares lower. The firm faces several uncertainties, including the long-term impact of the NBA rights agreement that management expects to close shortly and the ultimate level of competition in the broadband business. We’ve trimmed our fair value estimate modestly to $54 from $56, but we still believe the current stock price reflects too much pessimism around these issues.

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