Analyst Bazinet Increases Target Prices for Comcast, Time Warner Cable
By Multi Channel News Staff -- Multichannel News, 5/21/2007 1:00:00 PM
Citigroup Investment Research analyst Jason Bazinet upgraded Comcast and Time Warner Cable to buy/medium risk from hold/medium risk and boosted price targets on those stocks, as well, citing investor sentiment.
Bazinet said cable operators’ capital expenditures will likely “remain at elevated levels” while they continue adding paying customers for video, Internet and phone services. But the impact of that spending -- it cuts into free-cash-flow growth -- is something marginal investors seem willing to absorb so long as the customer growth is there.
Bazinet increased his target price on Comcast to $33 per share from $30 and on Time Warner Cable to $44 from $42, relative to the new “buy” ratings.
Comcast closed trading Monday at $27.54 per share, up one penny, while Time Warner finished the day at $38.31, up 41 cents.
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