TV Viewership Tracker: L3 through week ending June 14th, 2026

研报英文原文证据摘录

TV Viewership Tracker: L3 through week ending June 14th, 2026

Goldman Sachs Americas Media

Valuation, price targets, and key risks

Walt Disney Co. (DIS)

We are Buy rated on shares of Walt Disney Co. Our 12-month price target of $164 is

based on a sum-of-the-parts valuation methodology based on the following

assumptions: Parks and Experiences at 11X NTM+1Y EBITDA, Consumer Products at 15X

NTM+1Y EBITDA, Linear Networks at 4X NTM+1Y EBITDA, Content Sales and Licensing

at 20X NTM+1Y EBITDA, Sports at 6X NTM+1Y EBITDA, and DTC based on an unchanged

EV/subscriber methodology with an implied EV/EBITDA of ~19X.

Key downside risks: intensified cord-cutting, sports rights cost inflation, streaming

competition, economic slowdown impacting consumer spending, weak theatrical slate,

M&A, unfavorable regulatory or policy reforms, higher than expected interest rates and

FX.

Comcast Corp. (CMCSA)

We are Neutral rated on shares of Comcast Corp. Our 12-month price target of $29

is based on a sum-of-the-parts valuation methodology based on the following

assumptions: Connectivity & Platforms at 4.5X NTM+1Y EBITDA, Media at 5X NTM+1Y

EBITDA, Studios at 13X NTM+1Y EBITDA, and Theme Parks at 12X NTM+1Y EBITDA.

Key risks: Downside risks: intensified cord-cutting, FWA and FTTH competition, wireless

competition, rising programming costs, economic slowdown, weaker-than-expected

theatrical slate, voting power concentration, unfavorable regulatory or policy reforms,

higher than expected interest rates, and unfavorable FX. Upside risks include better than

expected broadband pricing, improvement in the change of broadband competition,

stronger than expected cost controls, sports programming rights drive improved

Peacock subscriber gains, and stronger than expected theme park attendance and per

caps.