Comcast (CMCSA) Stock Forecast & Price Target

Comcast's stock outlook is positively influenced by its multiple profitable business units, particularly its thriving content and experiences segment, which includes a 19% increase in theme park revenue driven by the successful launch of Epic Universe. The media segment has also shown resilience with a 4% revenue growth, aided by a mid-teens increase in Peacock's revenues from robust advertising and distribution strategies. Looking forward, Comcast anticipates additional growth through its upcoming film slate and increased advertising revenue from recent high-profile programming, including the NBA, while the broadband business maintains critical cash flow that supports the company's overall economics.

Comcast is facing significant financial challenges, as evidenced by a 3.7% year-over-year decline in EBITDA in Q3, driven by strategic costs and revenue dilution stemming from pricing changes and increased operating expenses related to customer experience and marketing. The company's forecast for a continued decline in broadband Average Revenue Per User (ARPU), projected to fall by 100 basis points to approximately 1.4% in Q4, along with the decision not to implement typical first-quarter rate increases, further exacerbates concerns about revenue generation. Additionally, expected declines in Connectivity & Platforms EBITDA, along with lower growth projections for broadband ARPU into early 2026, highlight ongoing pressures that could lead to negative growth rates in the coming quarters.