New York, July 2, 2026, 18:01 EDT
- Comcast NASDAQ:CMCSA closed 0.25% higher at $23.79. Volume was above the 65-day average.
- The stock is just 2.7% higher than its June 26 close, even after roughly 289.8 million shares traded since the split plan came out.
- Goldman Sachs’ Michael Ng kept his hold rating, price target at $26 on July 2. Google Finance lists the average 12-month price target at $32.27.
- The Nasdaq and NYSE are shut July 3 for Independence Day.
Comcast Corporation NASDAQ:CMCSA eked out a small gain Thursday, ending a run of volatile sessions linked to its proposal to separate NBCUniversal and Sky from its cable arm. Shares closed at $23.79, up 0.25%, with 42.1 million shares traded according to WSJ’s quote page, over the 65-day average of 34.3 million.
Comcast’s gain looked better on paper than in the tape. The stock is up 62 cents since closing at $23.17 on June 26. With about 3.56 billion shares out, that’s $2.2 billion in new equity value, even as nearly 289.8 million shares traded from June 29 to July 2.
| Comcast tape | Close | Volume |
|---|---|---|
| June 26 | $23.17 | 42.04 mln |
| June 29 | $24.22 | 135.44 mln |
| June 30 | $24.55 | 61.97 mln |
| July 1 | $23.73 | 52.26 mln |
| July 2 | $23.79 | 40.09 mln |
Investors buying the break-up story have moved Comcast stock, but the shares still aren’t trading like a classic sum-of-parts play. The stock is down 12.2% from Monday’s $27.10 intraday high, and it’s only 13.9% off the bottom of its 52-week range.
Comcast underperformed as the broader market turned mixed. The Dow hit a new high, up 1.14%, while the S&P 500 ended little changed and the Nasdaq Composite dropped 0.80% on chip weakness, according to Reuters. WSJ numbers showed Comcast’s one-day advance lagged the Media/Entertainment group’s 2.90% move.
| Thursday move | Change |
|---|---|
| Comcast NASDAQ:CMCSA | up 0.25% |
| WSJ Media/Entertainment group | added 2.90% |
| Dow Jones Industrial Average | rose 1.14% |
| S&P 500 | unchanged |
| Nasdaq Composite | fell 0.80% |
Comcast said June 29 that it plans to break into two public companies. One will focus on cable, wireless and business services, while the other will have NBC, Peacock, Universal studios, theme parks and Sky. Reuters reported Mike Cavanagh will head NBCUniversal, with former CFO Michael Angelakis set to run Comcast. The company will keep as much as 19.9% of NBCUniversal for up to a year. Brian Roberts said the deal “open[s] up a multitude of new opportunities.” Reuters
Deal chatter hasn’t quieted even as management tried to stamp it out. “NBCU will become M&A target eventually,” Ross Benes, senior analyst at eMarketer, told Reuters. PP Foresight’s Paolo Pescatore said, “Connectivity and media are no longer naturally moving at the same speed.” Reuters
Analyst expectations are less bullish. Google Finance tracked 18 analyst ratings in the last three months: six were buys, 11 holds, and one sell. Goldman’s Michael Ng was shown with a hold and a $26 price target on July 2. Deutsche Bank’s Bryan Kraft and Citi’s Michael Rollins both had $32 targets, dated June 30.
| Analyst screen | Firm | Action/rating | Target | Date |
|---|---|---|---|---|
| Michael Ng | Goldman Sachs | Keeps hold | $26 | July 2 |
| Maher Yaghi | Scotiabank | Keeps hold | $36 | June 30 |
| Michael Rollins | Citi | Keeps buy | $32 | June 30 |
| Barton Crockett | Rosenblatt | Lifts to buy | $31 | June 30 |
| Bryan Kraft | Deutsche Bank | Lifts to buy | $32 | June 30 |
The operating numbers give some clarity on why the stock hasn’t just tracked the takeover talk. For Q1, domestic broadband residential subs dropped by 65,000—better than last year’s 183,000 decline. Domestic wireless lines added 435,000, up from 323,000. But domestic broadband revenue was down 5.1%. Wireless service revenue rose 15.0%.
| Comcast Q1 metric | 1Q26 | Year-earlier / change |
|---|---|---|
| Domestic broadband residential customers | 28.654 mln | 29.190 mln |
| Domestic broadband residential net losses | 65,000 | 183,000 loss in 1Q25 |
| Domestic wireless lines | 9.739 mln | 8.148 mln |
| Domestic wireless line net adds | 435,000 | 323,000 in 1Q25 |
| Domestic broadband revenue | $6.338 bln | -5.1% |
| Domestic wireless service revenue | $977 mln | +15.0% |
Comcast CEO of Connectivity & Platforms Steve Croney told analysts in April, “we were not competitive enough,” but said the company was looking for improvement as free wireless lines turn paid later this year. He said initial groups showed a “significant majority” switching to paid service. Comcast
Barron’s said Thursday that NBCUniversal could be valued at $50 billion. Comcast sits at about $85 billion in market cap with $80 billion in debt. Barron’s also put Comcast’s trading at roughly seven times their expected 2026 profits and five times EBITDA. The market’s modest equity move since Friday points to traders discounting the media side to account for debt, execution issues and pressure from broadband.
The split hands Comcast holders two bets: if NBCUniversal trades stronger alone, and if what’s left of Comcast can keep broadband declines from wiping out wireless gains. Nasdaq will close July 3 for Independence Day, so there’s no next session Friday.
