Comcast Stock Is Rallying. Citi Says Cable Sector Could Improve Value After Q3.

Comcast stock is on the rise Thursday, after Citi analyst Michael Rollins upgraded the cable, broadband, and entertainment giant to Buy from Neutral, on the theory that the stock is oversold. He also expects that steps to improve financial performance are likely on the way.

In addition to the Comcast (ticker: CMCSA) stock upgrade, Rollins lifted his stance on Altice USA (ATUS) to Buy from Neutral, while repeating his Neutral rating on Charter Communications (CHTR). Reflecting the market’s reduced appetite for risk, he cut target prices on all three stocks. For Comcast, his new target is $36, down from $42; for Altice, $8, from $12.; and for Charter, $350, down from $475.

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