KeyBanc Capital Markets reiterated its optimistic assessment of Comcast Corporation (NASDAQ:CMCSA) on May 24, keeping its Overweight rating and $45 price target.
Analyst Brandon Nispel revised the company’s financial model to include comprehensive projections for Comcast’s future theme park, EPIC Universe.
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Nispel’s analysis indicates that EPIC Universe could produce impressive results by 2026, with operating cash flow exceeding $600 million and revenues surpassing $1.75 billion, contributing significantly to Comcast’s Content and Experiences division.
The addition of EPIC Universe is expected to improve the financial performance of Comcast’s Content and Experiences segment, which consists of a number of media and entertainment properties. Nispel also stated that he was confident in the enterprise value of Comcast’s theme park division, which he estimated to be approximately $40 billion. He pointed out that, at the current share price, investors effectively get the Theme Park business for free, along with the rest of Comcast’s media operations.
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