Comcast (CMCSA) vs. CHTR and VZ: Can the Post-Versant Reset and Broadband Stabilization Drive a Re-Rating?

ملخص مفصل

Is CMCSA a good stock to buy? We came across a bullish thesis on Comcast Corporation on Astute Optics – US’s Substack. The thesis was published on September 12th, when the stock was trading at $25.20, and CMCSA lost less than 1% since then. CMCSA shares declined by 20% a few weeks ago due to concerns about […]

This isn't the first time we see a cable and broadband company pitched as a great investment. Unfortunately, CMCSA shares lost 5% of their value over the last 12 months. Comparable stocks like Charter Communications (CHTR) and AT&T (T) lost 33% and 14% of their value, respectively, during the same period. Why are cable and telecom stocks declining so much and is it really a good time to buy them?

In July, we published an article about the 14 Best Blue Chip Dividend Stocks to Buy According to Hedge Funds and CMCSA ranked #3 in that article. Btw, the #1 stock in that list returned 27.60% since then. So, hedge funds were right about their #1 pick but CMCSA was a disappointment. This article explains why hedge funds were bullish on CMCSA. Before getting into our analysis, let's take a look at the business and why some investors like the stock so much.

Comcast Corporation (NASDAQ:CMCSA) operates across broadband and wireless connectivity, NBCUniversal's media and streaming assets, film and television studios, Sky, and Universal theme parks. Its investment case changed materially after the January 2, 2026 spin-off of Versant Media Group, which separated USA, CNBC, MSNBC, Oxygen, E!, SYFY, and Golf Channel and left Comcast more focused on connectivity, streaming, studios, and theme parks. That cleaner structure is central to understanding the stock, but it comes as Comcast's core broadband business faces tougher competition from fiber and wireless rivals.

Second quarter revenue slipped slightly year over year to $29.94 billion, while net income came in at $3.53 billion. Despite that steady profitability, the stock trades at just over 8 times trailing earnings and about 7.2 times forward earnings, well below the peer average of 13 times. Revenue over the past year grew less than 1%, suggesting the market is pricing in years of slow growth rather than expansion.

The bullish case rests on Comcast's ability to turn its high-margin connectivity business and diverse entertainment…

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