Comcast falls after brokerages cut PT on broadband growth challenges

Shares of media and cable provider Comcast CMCSA.O fall 2% to $26.8 premarket

At least eight brokerages cut their price target on CMCSA after the company warned on Thursday its mainstay broadband business is likely to face more customer losses to rising competition in the industry

"Comcast is paying the price for its slow reaction to increased broadband competition," Morningstar said

KeyBanc which downgraded CMCSA to "sector weight" said the "competitive intensity in Broadband is going to get higher, and we need to see substantial evidence of broadband subscriber growth improvement before becoming more constructive".

14 of 33 brokerages rate the stock "buy" or higher, 17 "hold" and 2 "sell"; their median PT is $36

Up to last close, stock had fallen 27% YTD