Comcast Corp (CMCSA.O): New Broadband Go-to-Market In Progress for Comcast, While Parks Hit an Unexpected Speed Bump in June; Early Preview

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Comcast Corp (CMCSA.O): New Broadband Go-to-Market In Progress for Comcast, While Parks Hit an Unexpected Speed Bump in June; Early Preview

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29 Jun 2026 00:57:57 ET │ 21 pages

Comcast Corp (CMCSA.O)

New Broadband Go-to-Market In Progress for Comcast, While Parks

Hit an Unexpected Speed Bump in June; Early Preview

CITI'S TAKE

Comcast is in the middle of optimizing its broadband go-to-market, while Buy

the category backdrop has remained competitive. We are generally

maintaining our broadband outlook for 2Q and CY26, while trimming our Price (26 Jun 26 16:00) US$23.17

outlook for Parks to reflect commentary at an investor conference that Target price US$32.00↓

Orlando experienced some softness in June, while International Parks didn’t

from US$35.50improve. We were not able to learn the root cause and if weakness could

continue into the 2H26. The changes take EBITDA into a modest yoy decline Expected share price return 38.1%

from the modest growth previously anticipated. We still view Parks as a Expected dividend yield 5.7%

good business for Comcast and comments on Epic performance remain

Expected total return 43.8%positive. We believe connectivity and specifically broadband performance is

still likely to be a greater influence on near- and medium-term valuation. We Market Cap US$82,769M

maintain our Buy on CMCSA largely on valuation and opportunities to show

a path to stabilization by leveraging investments, efficiencies and M&A.

Model Update — We updated our 2Q Peacock estimates to reflect the company’s Price Performance

recent commentary indicating that Peacock is expected to reach profitability in the (RIC: CMCSA.O, BB: CMCSA US)

quarter. We also downwardly revised our Parks financial estimates for the 2Q. While