TLDR
- Comcast stock fell over 2% to $21.64 in premarket trading Friday, its lowest level since October 2013.
- KeyBanc downgraded Comcast to Underweight from Sector Weight, cutting its price target to $18.
- Analyst Brandon Nispel expects Comcast to lose 558,000 broadband customers in 2026 and 665,000 in 2027.
- Citi also trimmed its price target to $27.50 from $30, though it kept a Buy rating.
- Comcast has suspended buybacks since July 1, 2026, ahead of its NBCUniversal separation.
Comcast stock dropped more than 2% to $21.64 in premarket trading on Friday. That put the stock on track for its lowest close since October 11, 2013.
The move followed a downgrade from KeyBanc analyst Brandon Nispel. He cut Comcast from Sector Weight to Underweight, the equivalent of a Sell rating, and set an $18 price target.
Nispel pointed to broadband losses that have come in faster than expected. He also flagged slowing theme park numbers and doubts about the upcoming NBCUniversal spinoff.
Why Analysts Are Turning Bearish
Broadband and mobile competitors have been undercutting Comcast with plans as low as $30 to $40 a month. Nispel projects Comcast will lose 558,000 broadband customers this year and another 665,000 in 2027.
He noted that Comcast has called rivals’ pricing irrational but has refused to match it. That stance, he argues, leaves the company stuck losing customers either way.
Citi analyst Michael Rollins also lowered his price target, moving it to $27.50 from $30. Rollins kept his Buy rating on the stock despite the cut.
Theme parks have added to the pressure too. Attendance has slowed sharply since June, even with the new Epic Universe park open in Orlando.
Wall Street had modeled a 9% rebound for theme park growth in 2027. Nispel expects growth to stay flat instead.
The NBCUniversal Spinoff Factor
Comcast plans to separate from NBCUniversal by mid-2027. Nispel is skeptical that the split will lift the stock much in the near term.
He also warned that the move could remove a key support for share prices, since buybacks have been paused since July 1, 2026, while the separation is finalized. Still, he sees a path where the split later leads to a merger with Charter Communications.
A combined Comcast and Charter would reach more than 130 million homes. Charter stock rose 0.4% in premarket trading Friday, moving in the opposite direction of Comcast.
Comcast’s own CFO had already warned that broadband losses would not improve this quarter versus last year. That message has triggered repeated sell-offs in the stock through September.
The broader market did not explain Friday’s drop. The S&P 500 was up 0.3%, the Dow was up 0.2%, and the Nasdaq was up 0.5% at the time.
That contrast reinforced that Comcast’s weakness is company-specific rather than market-wide. The average analyst rating on Comcast remains a Hold, based on 29 analysts tracked by FactSet.
Comcast is also approaching its third-quarter earnings report. Wall Street currently projects both lower EPS and lower revenue compared to the same period last year.
The combination of two lowered price targets, a full downgrade, ongoing broadband losses, and a paused buyback program has piled on selling pressure. Comcast stock is now within range of its 52-week low of $21.28.
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