Comcast Corp. shares can act as an “underrated defense” during the uncertain period brought on by the COVID-19 outbreak, Morgan Stanley analyst Benjamin Swinburne wrote Thursday. “Comcast’s cable business, anchored by broadband and representing ~70%+ of [earnings before interest, taxes, depreciation and amortization], offers investors unique exposure to predictable growth through this macro shock,” he wrote. “At current prices, that more than offsets the unique pressure at NBCU and Sky.” Swinburne argued that the company’s broadband business serves as a “clear secular growth driver” as more people work from home during the novel coronavirus outbreak. He reiterated an overweight rating on the stock but lowered his price target to $45 from $53. Comcast shares are up 4.5% in morning trading Thursday. The stock has fallen 20% over the past month as the S&P 500 has lost 19%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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