Comcast price target lowered to $36 from $37 at Bernstein

Bernstein lowered the firm’s price target on Comcast (CMCSK) (CMCSA) to $36 from $37 and keeps a Market Perform rating on the shares. The firm expects competition to intensify further in the foreseeable future. Its impact will vary by player – some may even merge stronger – but Bernstein anticipates that the rising competitive pressure will prove especially challenging for CableCos. The extent of this impact will depend on each company’s response – if they have a choice – but in a market where Cable products are squeezed between the ostensibly superior Fiber and the adequate FWA, balancing the price-volume-marketing spend equation will be harder.