Oppenheimer's Horan Sees a Challenging Five-Year Outlook on Comcast Corporation (CMCSA)

Comcast Corporation (NASDAQ:CMCSA) is included in our list of the 12 deep value stocks to invest in.

On November 3, 2025, Oppenheimer’s Timothy Horan downgraded Comcast Corporation (NASDAQ:CMCSA) from “Outperform” to “Perform,” removing his $38 price target. The analyst sees a challenging five-year outlook marked by limited EBITDA growth potential, free cash flow dilution from the Versant spinout, and intensified broadband competition. Furthermore, he believes the company’s new media contract will put short-term pressure on the company’s profitability. Annual costs related to the contract amount to $2.5 billion.

Meanwhile, Comcast Corporation (NASDAQ:CMCSA) reported Q3 2025 results on October 30, posting adjusted EPS of $1.12 and free cash flow of $4.9 billion, thanks to record wireless line additions and solid Business Services growth. Management highlighted continued momentum in Peacock, alongside the successful launch of Epic Universe, its new theme park located in Orlando, Florida. Despite a 2.7% decline, quarterly revenue of $31.20 billion beat estimates of $30.72 billion, driven by Epic’s launch and Studio revenue.

Through its Xfinity, NBC, Universal, Peacock, and Sky brands, Comcast Corporation (NASDAQ:CMCSA), a global media and technology company, offers broadband, wireless, video, and entertainment services.

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