Comcast Stock Climbs on Analyst Upgrade

calls are popular in the options pits

Deputy Editor
Jul 1, 2020 at 11:20 AM
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Comcast Corporation (NASDAQ:CMCSA) is up 2.6% at $39.98 at last check, after receiving an upgrade from Bernstein to "outperform" from "market perform," with added price-target hike to $52 from $48. The analyst in coverage, Peter Supino, said he believes meeting these targets will bring "sufficient outperformance" to the stock. Also in this open letter, directed at Chairman and CEO Brian Roberts, Supino recommends a spin-out of NBCUniversal and Sky, believing now is a time for boldness. 

Today's pop now has CMCSA gapping above the long-term support of its 80-day moving average, a familiar floor for the shares since mid-May. Although the stock is down 11.3% year-to-date, today's surge has the equity eyeing its first weekly gain in four weeks. In terms of analyst attention, coming into today, 11 analysts sport a "buy" or better on Comcast stock, while the remaining eight carry a tepid "hold."

The options pits are leaning bullish as well, per Comcast stock's 50-day call/put volume ratio of 3.42 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio sits higher than 86% of readings from the past year, suggesting long calls are being picked up at a faster-than-usual rate.

Also worth noting are CMCSA's attractively priced premiums. The stock's Schaeffer's Volatility Index (SVI) of 31% sits in the 15th annual percentile of its annual range, meaning short-term options are pricing in lower-than-usual volatility expectations.




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