12:07 PM EDT, 10/31/2025 (MT Newswires) -- Comcast's ( CMCSA ) Q3 results topped expectations with a smaller broadband subscriber loss, though ongoing investment plans are expected to weigh on profitability through 2026, BofA Securities said in a Friday note.

The firm expects broadband average revenue per user to decline for several quarters, driving a sharper drop in Connectivity & Platforms earnings before interest, taxes, depreciation, and amortization, as management signaled that the investment phase will persist with modestly deeper near-term pressure.

BofA analysts cut their 2026 broadband ARPU and EBITDA estimates, expecting ARPU to decline each quarter, led by a sharp drop in Q2. BofA now sees Q4 C&P EBITDA down 4.3% and consolidated EBITDA falling 11% year over year, with a 2.1% decline projected for 2026 instead of prior growth.

Comcast ( CMCSA ) indicated openness to a potential merger and acquisition, including assets such as Warner Bros. Discovery ( WBD ) , to enhance Peacock's scale and build a global streaming platform, BofA said.

BofA maintained its neutral rating on the stock and lowered its price target to $31 from $36.

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