Comcast price target lowered to $38 from $55 at Oppenheimer

Oppenheimer analyst Timothy Horan lowered the firm’s price target on Comcast (CMCSK) (CMCSA) to $38 from $55 and keeps an Outperform rating on the shares. The firm notes that a solid EBITDA and strong free cash flow Q1 results were overshadowed by very weak subscriber performance. Oppenheimer thinks Comcast has a pricing problem and sees a difficult path for the company to continue growing cable revenue and margins. Competition is ramping while the economy appears to be slowing-consumers will look to save money, the firm adds.