NEW YORK (TheStreet) -- Comcast (CMCSA) - Get Report stock price target was increased to $74 from $65 with an "overweight" rating at Pacific Crest this morning after the company posted an earnings and revenue beat for the fiscal 2016 second quarter.
Yesterday the Philadelphia-based media, broadcast, and cable company reported earnings of 83 cents per share on revenue of $19.3 billion, vs. analysts' estimates of 81 cents per share on revenue of $18.99 billion.
Customer relationships increased by 115,000 to 28.1 million in the quarter, up 83,000 from a year earlier. Also, video customers net loses improved to 4,000, and high-speed Internet customers increased by 220,000.
"Comcast retains an extremely strong position in broadband, and investments in video provide a competitive advantage that appears sustainable," Pacific Crest wrote in the analyst note.
The firm recommends owning Comcast stock and said it would "likely be more aggressive buyers if the stock were to pull back."
Shares of Comcast are down 0.04% to $67.89 in pre-market trading on Thursday.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
We rate COMCAST CORP as a Buy with a ratings score of A+. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, growth in earnings per share, increase in net income, reasonable valuation levels and solid stock price performance. We feel its strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated.