Comcast Growth Steps Will Take 'A Minimum Of Several Quarters' To Generate Returns: Analyst

Core Viewpoint - BofA Securities analyst maintains a Neutral rating on Comcast Corp with a price forecast of $38, highlighting the company's focus on six growth pillars, particularly in Theme Parks which are expected to drive strong near-term growth and long-term opportunities [1] Theme Parks Expansion - Universal's Epic Universe, opening on May 22, is anticipated to significantly boost Comcast's Theme Park segment with five themed worlds offering state-of-the-art attractions and interactive experiences [2] - The new themed worlds will add similar attendance capacity to existing Universal Studios Florida and Islands of Adventure, along with three new hotels (~2,000 rooms), 30 dining options, and 21 retail locations [3] - Future plans include a 456-acre park near London, set to begin construction in 2026 and open in 2031, along with expansions in Orlando and Universal Kids [4] Market Dynamics - While Epic Universe is expected to drive incremental visitation, it remains uncertain if it will make Universal Orlando a full-week destination, although it brings them closer [5] - Bookings for Universal Orlando are healthy with a 6-7% increase in inbound traffic to Orlando for both domestic and international visitors [6] Broadband Business Strategy - Comcast is shifting its strategy in its C&P operations to protect and potentially drive growth in its broadband business, focusing on wireless, marketing, and improving Wi-Fi offerings [6] - The company is reconnecting with consumers and reigniting growth, although these efforts will take several quarters to yield returns [7] - Business services are expected to drive low-to-mid single-digit high-margin revenue growth in the near to intermediate term [7]