Comcast (CMCSA) Stock Forecast & Price Target

Comcast is supported by a resilient connectivity franchise serving about 66 million U.S. homes and businesses, with nearly half the country in its footprint and around 45% of broadband customers now on gig-plus tiers, helping offset continued broadband pressure through pricing, convergence, and cost discipline. The media and content businesses are improving the earnings mix: 3Q26 EBITDA rose to $9.11B, Peacock delivered its second consecutive profitable quarter with $261M of EBITDA and 48M paid subs, and Media EBITDA jumped to $769M on lower programming costs and strong distribution growth. The outlook is further reinforced by $4.211B of adjusted free cash flow, 2.3x net leverage, and the planned split from NBCUniversal in the middle of next year, which could unlock studio value and sharpen the investment case.

Comcast is facing a deteriorating fundamental backdrop because its core cable business is losing broadband subscribers amid relentless fiber and fixed wireless competition, with domestic broadband down 144K and video down 274K, while aggressive repackaging and price increases are not restoring growth. Although revenue and EBITDA were roughly in line, the company’s own commentary suggests the inflection is still TBD, Broadband ARPU and Cable EBITDA remain under pressure, and a more than $1B transformation charge in 4Q26 underscores the scale of the required restructuring. Weakness in Parks, including Theme Parks revenue of $2.60B and EBITDA down 17% Y/Y, adds another layer of softness, while paused buybacks and dual-class control limit capital return flexibility.