The firm also hiked its price target to $77 from $69, according to TheFly.
Deals between Starz (STRZA) and Lions Gate (LGF), as well as the ongoing merger of AT&T (T) and Time Warner (TWX), show the merits of pairing up content distributors with content producers, Macquarie noted.
Comcast has emerged as a "one-stop shop" for consumers, offering wireless optionality, digital services and Xfinity television alongside investments in BuzzFeed and DreamWorks Animation, the firm said.
Macquarie analysts believe Philadelphia-based Comcast's healthy balance sheet indicates that there's room for more vertical integration.
Additionally, DreamWorks' library of content and exposure to Chinese markets make it an undervalued asset, the firm said.
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.
The team rates Comcast as a Buy with a ratings score of A-. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations and increase in stock price during the past year. The team feels its strengths outweigh the fact that the company has had sub par growth in net income.