Comcast cut to Hold at Argus amid tough broadband market

As previously reported, Argus analyst Joseph Bonner downgraded Comcast (CMCSA) to Hold from Buy with no price target The company is facing a tough market for broadband subscribers – its key connectivity business – from increasingly aggressive fixed wireless and fiber broadband telecom competitors, the analyst tells investors in a research note. Comcast is jettisoning its secularly declining basic cable channels is a good idea, with the opportunity for the separate company to become a scaled aggregator, but for the firm to return the stock to a Buy rating, Argus needs to see a turnaround in Comcast’s broadband business, the firm adds.