Comcast shares gain the most in a year on Tuesday, stock upgraded to “Buy” at MoffettNathanson

MoffettNathanson was reported to have upgraded Comcast Corp (CMCSA) to “Buy” from “Neutral”, as the firm said the shares were “too cheap on any reasonable sum-of-the-parts valuation.”

MoffettNathanson also raised its 12-month price target on the stock from $49 to $52, suggesting a 17.43% upside from yesterday’s closing price.

Comcast shares closed higher for the fourth time in the past ten trading sessions on NASDAQ on Tuesday. It has also been the sharpest single-session gain since January 23rd 2019. The stock went up 3.80% ($1.62) to $44.28, after touching an intraday high at $44.52, or a price level not seen since January 27th ($44.72).

Shares of Comcast Corp have retreated 1.53% so far in 2020 compared with a 2.07% gain for the benchmark index, S&P 500 (SPX).

In 2019, Comcast’s stock went up 32.07%, thus, it outperformed the S&P 500, which registered a 28.88% gain.

According to analyst Craig Moffett, “at Comcast’s current valuation, either NBCU, or Sky, is arguably being priced at less than zero.”

Although MoffettNathanson still doubts prospects for Comcast’s cable networks and its Sky business, the firm sees little downside risk for Comcast’s stock.

Analyst stock price forecast and recommendation

According to CNN Money, the 33 analysts, offering 12-month forecasts regarding Comcast Corporation’s stock price, have a median target of $51.00, with a high estimate of $64.00 and a low estimate of $44.00. The median estimate represents a 15.18% upside compared to the closing price of $44.28 on February 4th.

The same media also reported that at least 26 out of 35 surveyed investment analysts had rated Comcast Corporation’s stock as “Buy”, while 6 – as “Hold”.