10:57 AM EDT, 10/31/2025 (MT Newswires) -- Comcast ( CMCSA ) is simplifying offers, resetting price points, and changing cable division leadership to regain share, Morgan Stanley said Friday in a report.

"Results will get worse before they get better," with the pivot aimed at restoring growth in 2027, the report said.

The Q3 trends showed average-revenue-per-user pressure alongside faster wireless customer growth, aided by free mobile lines, the firm said.

Morgan Stanley now expects adjusted earnings per share to be roughly flat through 2027 and sees consolidated adjusted earnings before interest, taxes, depreciation, and amortization declining about 3% in 2026.

The firm doesn't expect multiples to expand meaningfully while EBITDA is falling through 2Q26. Key signposts include better wireless and broadband net adds and ARPU improvement over the next year, the analysts said.

Morgan Stanley maintained its equal-weight rating on Comcast ( CMCSA ) and cut its price target to $32 from $35

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