Comcast (CMCSA) Is Having a Rough Day

Last night, Comcast Corp. (Nasdaq: CMCSA) gave a revised financial outlook for its full year 2007 results. The Company said its revenues would now rise by only 11%, rather than the 12% projected in October. Also, Comcast said it expects to add about 6 million cable customers this year, short of the 6.5 million subscribers predicted earlier this year. The number of new subscribers is a very important metric for cable and satellite companies, and this number may be taking a hit as a result of the housing slump.

As if Comcast wasn't already going to have a bad enough day, three firms downgraded the stock before the market opened. Analysts covering Comcast at Goldman Sachs and Miller Tabak moved Comcast's rating to Neutral, and set price targets at $22 and $30, respectively. At Kaufman Brothers, Comcast was downgraded from Buy to Hold with a $24 price target.

Down more than 10%, shares of Comcast are now trading just above $18.35, a new 52-week low set today.

You May Also Be Interested In

• Comcast deploys fiber sensing tech to detect network threats
• These 3 Asian stocks are "prime beneficiaries of Muse AI": analyst
• After-Hours Movers: GOOGL, MU, CEG, NU