Deutsche downgrades Comcast to Hold on ‘muted’ growth outlook

Deutsche Bank downgraded Comcast (CMCSA) to Hold from Buy with a price target of $34, down from $35. The firm reduced the company’s 2027 EBITDA and free cash flow estimates post the Q1 report and now sees limited upside in the shares. Comcast’s better than expected Q1 performance will not be repeatable over the next few quarters, the analyst tells investors in a research note. Deutsche expects the “challenging competitive environment” for broadband to become even more challenging. It views current Comcast share levels as appropriate given its “muted” free cash flow and EBITDA growth outlook over the next few years