Comcast stock gets an upgrade at Cowen

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Cowen & Co. analyst Gregory Williams upgraded Comcast Corp.’s stock
CMCSA,
-0.47%
to outperform from market perform Tuesday and upped his price target to $60 from $56. He sees the strength of Comcast’s cable business outweighing the pandemic-related pressures facing the company’s media and Sky pay-TV businesses, and he’s upbeat that management signaled that buybacks could resume later this year, which was earlier than he anticipated. The buyback talk signaled to Williams that Comcast’s management team has confidence that strong free-cash flow from the cable business “can offset risk in other segments with line of sight to reach its 2.5x leverage target by YE2022 for further buyback acceleration.” Comcast shares have gained 20% over the past three months as the S&P 500
SPX,
+0.32%
has risen 14%.

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