Comcast Moves Higher on Temporary Park Closure

The equity remains 20% lower year-to-date, though

Deputy Editor
Mar 13, 2020 at 10:31 AM
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Shares of telecommunications conglomerate Comcast Corporation (NASDAQ:CMCSA) are up 5%, last seen trading at $36.68. As coronavirus continues to ravage the global economy and cases of infection continue to increase in the U.S., public gatherings, events, and now theme parks, are being postponed or closing to limit the spread. Moving CMCSA higher today is news it has closed its Southern California Universal Studios park. The action was joined by Walt Disney (DIS), which also closed parks in the area.

Before the coronavirus pandemic gained momentum, Comcast was already seeing its stock spiral downward. Currently, the stock is down 20.8% year-to-date, and just yesterday touched an annual low of $34.44.

Analysts are extremely bullish on CMCSA’s stock as of late. Of the 21 covering firms, 14 are recommending a “strong buy,” with two more saying “buy,” and the remaining five sporting a "hold." This morning the equity received a price-target cut to $51 from $55 at Credit Suisse, which remains in-line with Comcast stock's consensus 12-month price target.

 

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