Comcast, Paramount, Fox dip as Wolfe issues downgrades
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With Communication Services stocks generally higher, Comcast (NASDAQ:CMCSA) is down 1.3% following a downgrade at Wolfe Research, which is acknowledging some much-discussed risks to broadband subscribers.
Analyst Devin Brisco cut the firm's rating on the cableco to Peer Perform, from Outperform, and have a $50 price target vs. Thursday's midday price of $43.42.

âWe see forecasting risk in the broadband supply growth and media capital allocation conundrum,â Brisco says.
That wasn't Wolfe's only downgrade Thursday: Paramount Global is lower - (NASDAQ:PARA) -3.3%, (PARAA) -3.1% - as the firm cuts it two notches to Underperform from Outperform, seeing "too many hazards to play through the exit strategy."
And Fox is down as well - (FOX) -0.5%, (NASDAQ:FOXA) -0.6% - as Wolfe cuts it to Peer Perform from Outperform, saying that tailwinds may be priced in but macroeconomic headwinds aren't.
Comcast's Q1 earnings beat financial expectations but indicated a significant slowdown in broadband growth.