Comcast (CMCSA) Stock Forecast & Price Target

Comcast is supported by a resilient, diversified mix of cable, media, and theme park assets, with 66 million homes and businesses in its footprint and a core connectivity franchise that continues to generate scale benefits even as broadband faces pressure. 3Q26 showed operating leverage and execution upside, as revenue of $29.3B and EBITDA of $9.11B both exceeded expectations, while Peacock delivered $261M of EBITDA, its second consecutive profitable quarter, and paid subs held at 48M. The outlook is further strengthened by cost controls, the planned NBCUniversal split, and the possibility that a more focused Universal Studios and media portfolio could unlock value through strategic interest and improved valuation.

Comcast is facing a negative fundamental setup because its core cable business is still losing broadband and video subscribers amid intensifying FTTH and fixed wireless competition, with domestic broadband down 144K and wireless adds only 368K after bearish messaging in Sept. The aggressive repackaging strategy has not meaningfully improved performance, while broadband ARPU declines, legacy promo roll-offs, and continuing price pressure suggest the competitive environment remains structurally difficult rather than cyclical. Although Media and Studios can help offset some weakness, underwhelming NBCU/Sky trends, a more than $1B transformation charge in 4Q26, and unresolved timing for any inflection leave earnings quality and operating momentum constrained.