Comcast (CMCSA) shares fell more than 2% on Friday after KeyBanc Capital Markets downgraded the stock to Underweight from Sector Weight and set an $18 price target.
KeyBanc analyst Brandon Nispel cited intensifying competition from fiber and fixed wireless providers, worsening subscriber trends, pressure on cable profitability, and declining theme park attendance.
The firm is skeptical that Comcast’s planned NBCUniversal spin-off will be a positive near-term catalyst. It expects broadband net additions and theme park cash flow, among other key metrics, to be weaker than previously forecast.