NEW YORK (TheStreet) -- Comcast (CMCSA) hit a 52-week high today after analyst Craig Moffett of Bernstein Research upgraded the cable company to a buy rating and raised his target price to $26 from $20.
Comcast spiked more than 4% to a new year-high of $22.22 in morning trading today and is currently trading around $22.15.Moffett upgraded Comcast in anticipation of the company's acquisition of General Electric's (GE) NBC Universal, which he expects to be finalized in 2011. "With deal closure imminent for 2011, we believe it is time for investors to start thinking of Comcast as the combined Comcast-NBCU entity," Moffett said in his Dec. 14 research report. "On that basis it is attractive on valuation." (CVC) and Time Warner Cable (TWC) are up 34% and 56.2% over the past year respectively, Moffett believes that Comcast will catch up in 2011 after the merger is complete. --Written by Theresa McCabe in Boston.
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