Comcast’s dependable quarterly results have shifted investor focus...
Comcast’s dependable quarterly results have shifted investor focus away from the long-term threats to its industry, said Moffett Nathanson analyst Craig Moffett in an email to investors Wednesday. “A few years ago stocks swung wildly on each pronouncement from Apple…
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or Google or Netflix,” said Moffett. “Now, investors have been lulled (into complacency?) by Comcast’s steady stream of rock solid results.” However, Moffett said rising programming costs and “eroding affordability” are sure to eventually affect Comcast’s bottom line. “History suggests that anxiety about the broader ecosystem is dormant, not dead,” said Moffett. Though usage-based pricing could help insulate cable companies like Comcast from such threats as over-the-top video, Moffett said the viability of usage-based pricing remains “an open question.” Concerns about the long term “make it hard to say there is sufficient upside here to warrant more than our Neutral rating,” said Moffett.