Early in the pandemic, Comcast shares were “dragged down by NBCU’s cyclicality,” MoffettNathanson Senior Analyst Craig Moffett notes. When they began to rally last November, it wasn’t because the market began to focus on the cable assets.
Rather, Moffett concludes, “it was because the market was searching for more cyclical exposure and was playing the re-opening trade. It was all about the theme parks.”
What does Moffett say now? “Talk about the tail wagging the dog. Now it’s time for the Cable side’s star turn.”