Goldman Sachs analyst Michael Ng reiterated the Buy rating on Comcast Corporation CMCSA, with a price forecast of $44.

The analyst predicts that Comcast’s EBITDA for the first quarter of 2025 will be approximately $9.19 billion, slightly above the consensus estimate of $9.18 billion.

Ng slightly lowered the first quarter Connectivity & Platforms EBITDA estimate to $8.21 billion from $8.22 billion prior, driven by a lower Wireless revenue estimate.

The analyst projects Content & Experiences EBITDA is forecast to be $1.32 billion, slightly above the consensus of $1.29 billion.

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Per Ng, the broadband sector will continue facing competitive pressures, with a projected loss of 149,000 domestic broadband customers, slightly worse than the consensus forecast of a 145,000 loss.

Meanwhile, the average revenue per user for broadband is expected to increase by 3.1%, in line with expectations.

The analyst writes that the company will introduce new pricing and bundling options, combining wireless and internet services in a more simplified package by the end of the second quarter of 2025.

Additionally, domestic wireless net additions are projected to be around 300,000, though this growth may face some pressure due to promotional pricing.

Despite forecasts of minimal growth in 2025, the sentiment towards Comcast could improve throughout the year, supported by its converged service strategy and a potential growth surge in 2026, driven by events like the Winter Olympics, Super Bowl, World Cup, and the expansion of its Epic Universe theme park, Ng adds.

Price Action: CMCSA shares are trading higher by 0.56% to $36.81 at last check Tuesday.

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