Comcast stock fell after Wells Fargo cut its price target

Comcast Corp (CMCSA.US) shares fell nearly 4.0% during today's session after downbeat brokerage action. Wells Fargo maintained an Underweight rating on the stock and lowered its price target from $49 to $46. Wells Fargo analyst Steven Cahall stated 'We've taken a more cautious stance on the broader Cable sector as we think net adds will slow and capital intensity will be more elevated, resulting in lower future earnings.'

Comcast Corp (CMCSA.US) stock fell sharply during today's session and is currently testing major support zone around $54.75 which is marked with lower limit of the 1:1 structure, 23.6% Fibonacci retracement of the upward wave launched back in March 2020 and 200 SMA (red line). Should a break lower occur, the next target for sellers is located around support at $50.40 which coincides with 38.2% Fibonacci retracement. However if buyers manage to halt declines here, then another upward impulse towards resistance at 461.75 may be launched. Source: xStation5