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Comcast (CMCSA) shares were slipping Thursday morning after the company received an upgrade from analysts at Guggenheim who are bullish on the company's broadband business. 

Guggenheim analyst Mike McCormack upgraded the stock to buy from neutral on the expectation that "broadband subscriber gains are to far outpace video losses going forward, providing an opportunity for continued margin improvement."

The firm also says that the company's pivot from being primarily a video distributor to a connectivity company "has been fairly smooth." McCormack also notes that the company's NBCU media business is operating at a very high level and the wireless business has been showing steady gain. 

McCormack is so bullish on the company's broadband prospects that he upped the company's price target to $52 from $39, representing a potential 24% upside from the stock's previous closing price. 

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Comcast shares have risen more than 20% year to date, but were off 0.06% to $41.86 Thursday.

Comcast is a key holding in Jim Cramer's Action Alerts PLUS charitable trust