Comcast upped to outperform at RBC, 19% slide since August is 'overblown'
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Comcast (NASDAQ:CMCSA) shares are rising in pre-market trading on Monday after RBC Capital upgraded the stock, noting the recent sell-off is overdone.
Analyst Steven Cahall raised his rating to outperform, from sector perform, with a $60 price target, stating that the recent 19% sell-off since early August is overdone.

"While we acknowledge that telco fiber and fixed wireless will pressure Comcast's fundamentals, our analysis suggests concerns over the impacts to subscriber growth have been overblown," Cahall wrote in a note to investors.
Comcast shares are up nearly 1% to $50.19 in pre-market trading on Monday.
Cahall added that Comcast (CMCSA) is expected to keep investing in Peacock, which Cahall said he is "encouraged" by how the company is rolling out the streaming service in different countries.
In addition, it's likely that Comcast could ramp up stock buybacks, barring a major acquisition, from $2 billion in the second half of 2021 and $10 billion this year towards $20 billion in 2025, "given healthy EBITDA growth and [free cash flow]."
"While sentiment may remain negative until there's greater visibility into improving broadband subs, we believe the story is largely de-risked at this point and expect EBITDA/FCF upside to provide downside support," Cahall explained.
Earlier this month, Comcast (CMCSA) said it tested a "first-of-its-kind" 10G modem with upload and download speeds of 4 gigabytes per second.