ACP's Demise Will Hurt Comcast's Broadband Business: Deutsche Bank

Pointing to Comcast's broadband business facing headwinds due to fixed wireless and fiber competition and the discontinuation of the affordable connectivity program, Deutsche Bank Research said Monday it was lowering the cabler's stock price target by $2, to $53. In a note to investors, an analyst said it was upping Comcast's 2024 broadband subscriber loss forecast by 285,000, to 435,000, mostly due to ACP-related churn: It's assuming 15% of Comcast's roughly 1.4 million ACP subscribers will disconnect without the subsidy, costing Comcast 210,000 subs across Q2 and Q3.