Morgan Stanley Initiates Comcast (CMCSA) with Equal Weight, Sees Limited Near-Term Upside

Morgan Stanley has initiated coverage of Comcast (CMCSA) with an Equal Weight rating and a $31 price target, citing an attractive valuation but limited near-term upside due to expected continued broadband net losses. The firm notes that Comcast generated a record $19 billion in free cash flow in 2025, primarily from its broadband business, which is now facing significant competition from fiber and fixed wireless. The company’s efforts to address subscriber attrition, including promotions and the spin-off of cable networks, are anticipated to impact EBITDA margins through 2026.

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