Comcast (CMCSA) Stock Forecast & Price Target

Comcast is supported by a stronger mix of connectivity, wireless, and media assets that can generate scale benefits while management reshapes the portfolio away from non-core cable networks. Its 2Q26 results showed revenue of $29.9B, adjusted EBITDA of $8.92B, and adjusted EPS of $1.04, while free cash flow held at $4.6B and wireless net additions reached a record 448K, indicating improving operating momentum. The core broadband business still faces ARPU pressure and 167K net residential losses, but the trend improved year over year, Peacock posted its first EBITDA profit at $189M, and the pending NBCU/Sky spin could sharpen strategic focus and merger appeal.

Comcast is facing a deteriorating fundamental setup across Broadband, Media, and Theme Parks, with management’s 2026 investment phase colliding with weaker-than-expected net adds, ARPU, and EBITDA. Intensifying fiber, FWA, and emerging satellite competition is forcing a choice between losing share or lowering prices, while broadband net adds are projected to worsen to -665K in '27 and broadband ARPU already fell 3.8% with revenue down 5.5%. On the media side, Peacock’s profitability and strong studio slate are outweighed by softer Orlando attendance and Osaka travel headwinds, leaving consolidated '26/'27 OCF at -4.2%/-1.9% y/y and making the NBCU spin-off unlikely to offset multiple compression.