The idea that the internet is a necessity on par with power and water may seem like a reach to some, but these days, increasingly, that is the case. Entertainment giant Comcast (CMCSA) is out to make it easier for lower-income users to access, offering expanded eligibility for its Internet Essentials program. The move was sufficient to catch investor attention, and Comcast shares rose nearly 2.5% in Friday afternoon’s trading.
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Under the new terms, Internet Essentials will now be available to households earning under 200% of the federal poverty level. Thus, a family of four with annual income of $64,300 or less can get in. With Internet Essentials, users pay just $14.95 per month and get unlimited data access, along with free Wi-Fi equipment, Xfinity hotspot access, and discounted laptops, among other things.
Internet Essentials got its start back in 2011, and was designed to get access into the hands of households who were less able to afford standard internet access prices. And given how much of our lives operate online these days, having access to internet service is an unavoidable priority. Everything from job applications to government contacts is carried out online.
Gathering Winter Donations
In a second move that also gears itself toward low-income families, Comcast got together with a charity known as Mary’s Place to “…collect winter donations for homeless families.” Comcast has set out purple boxes at its Xfinity Store locations in and around the Puget Sound area to collect clothing and toys for the families in question.
Mary’s Place proved a particularly useful partner in this effort, noted Comcast rep Kiwa Nadas. Nadas noted, “Mary’s Place is an easy one to say ‘yes’ to. There are hundreds of children throughout Puget Sound that are experiencing homelessness. Mary’s Place not only shelters those children, but provides programming that gets them to the next step, which is stable housing.”
Is Comcast Stock a Good Buy Right Now?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on CMCSA stock based on eight Buys, 15 Holds and one Sell assigned in the past three months, as indicated by the graphic below. After a 38.74% loss in its share price over the past year, the average CMCSA price target of $36.23 per share implies 32.69% upside potential.
