Comcast (CMCSA): Raise 2026 BB Losses to 601k and 2027 to 700k; Savings Reinvested to Compete

While Comcast's broadband trends improved y/y in 1H26, competition intensified in 2H amid pockets of "irrational" fiber promotions, and the company is also contending with elevated churn from legacy promotional roll-offs. We do not expect this higher volume of roll-offs to persist beyond 4Q. However, ramping fiber penetration after years of stepped-up builds, steady FWA share gains and the emerging threat of satellite broadband should keep the ecosystem intensely competitive into 2027. Accordingly, we raise 4Q residential broadband net losses to 225k, bringing 2026 to 601k. Despite the likelihood of a go-to-market refresh (though not a major pricing reset) in 2027, enabled by the cost transformation, we now forecast 2027 net losses of 700k. We expect the savings to be reinvested mainly in C&P to improve customer experience and retention and to unlock greater earnings and cash-flow potential over time. 3Q C&P results met expectations for modest improvement, and management now expects on