Oppenheimer Sees Further Upside in 2020 for Disney Rival

Calls have also been a favorite of options traders

Managing Editor
Sep 5, 2019 at 9:37 AM
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Shares of broadcasting giant Comcast Corporation (NASDAQ:CMCSA) are up 1.8% in this morning's trading at $46.34, and earlier nabbed a new record high of $46.47 out of the gate. Driving the stock higher is an upgrade from Oppenheimer to "outperform" and a price-target hike to $54. The brokerage firm cited the upcoming 2020 Summer Olympics and the release of the latest "Minions" and "Fast and Furious" franchises as potential catalysts. 

Its no surprise the analyst sees further upside for the stock, with the shares already up 33% year-to-date as of yesterday's close. Supporting CMCSA has been the 120-day moving average, a trendline which captured multiple pullbacks during the month of August. 

Ahead of today's bull note, analyst attention was already overwhelmingly optimistic. Fourteen of 19 covering firms carry a "buy" or "strong buy" rating, while the stock's average 12-month price target of $49.42 comes in with a more than 8% upside to last night's close.

Data from the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) shows options traders heavily preferring calls over puts. Specifically, the stock's 10-day call/put volume ratio of 10.17 ranks in the highest percentile of its annual range, indicating calls have been purchased over puts at a much faster-than-usual clip.

Lastly, the equity's Schaeffer's Volatility Index (SVI) of 24% sits higher than just 19% of all other readings from the past year, suggesting near-term options are attractively priced at the moment.

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