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.
>To contact the writer of this article, click here: Theresa McCabe. >To follow the writer on Twitter, go to @TheresaMcCabe. >To submit a news tip, send an email to: email@example.com.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV