TMUS, CMCSA Stock Price Targets Cut – Barclays Warns Of Limited Upside Ahead Of Q3 Earnings

• Barclays lowered its price target on T-Mobile to $200 from $215 while maintaining an ‘Overweight’ rating ahead of the company's third-quarter earnings.
• The firm also cut its Comcast price target to $24 from $26 and retained an ‘Equal Weight’ rating.
• Comcast's planned separation of NBCUniversal and Sky from its connectivity and technology operations adds another strategic consideration for investors ahead of earnings.

T-Mobile (TMUS) and Comcast (CMCSA) shares edged lower in early morning trade on Tuesday after Barclays cut its price targets on both communications companies ahead of their third-quarter earnings, warning that potential upside from the results may be limited while emerging competitive risks could create greater downside.

Barclays lowered the price target on T-Mobile to $200 from $215 and kept an ‘Overweight’ rating on the shares. It lowered the price target on Comcast to $24 to $26 and kept an ‘Equal Weight’ rating on the shares. 

The firm stated that upside from earnings "is likely incremental, while downside from still emergent disruptive narratives could be more significant," in a note to investors cited by TheFly. 

TMUS stock and CMCSA stock both edged around 0.2% lower in pre-market trade. On Stocktwits, retail sentiment around TMUS fell to ‘bearish’ from ‘neutral’ territory over the past day, while sentiment around CMCSA remained in the ‘bullish’ zone. 

T-Mobile Q3 Earnings Preview

Wall Street expects T-Mobile to report earnings per share (EPS) of $3.00 in the third quarter (Q3), alongside revenue of $23.15 billion, according to Koyfin data.

The 12-month average price target on TMUS stock stands at around $244.12, implying an upside of over 46% from Monday’s close. Out of the 28 analysts covering the stock, 23 give TMUS a ‘Buy’ or ‘Strong Buy’ rating and five recommend ‘Hold’. 

TMUS has fallen nearly 30% over the past 12 months and remains well below its 2026 high of more than $240.

SpaceX’s Starlink Adds Another Layer Of Competition

The broader concern is what Barclays described as “still emergent disruptive narratives,” with SpaceX's (SPCX) Starlink expansion into mobile and broadband emerging as one of the most closely watched developments for the telecom industry.

While T-Mobile is already working with SpaceX on its direct-to-cell service, Starlink's broader push into connectivity could also become a competitive concern for traditional telecom providers.

Comcast Faces Broadband Pressure

For Comcast, Wall Street expects EPS of $0.99 on revenue of $29.26 billion in Q3, according to Koyfin data.

The 12-month average price target on CMCSA stands at $29.06, implying an upside of over 33% from Monday’s close. That would roughly offset the stock's decline of about 31% over the past year.

Comcast's core broadband business is facing pressure from several directions, including fiber, fixed wireless access and satellite broadband.

Wireless carriers such as T-Mobile have expanded aggressively into home internet through 5G fixed wireless access, giving consumers an alternative to traditional cable broadband. At the same time, Starlink has expanded its reach in satellite broadband, particularly in areas where fiber and cable infrastructure can be more difficult or expensive to deploy.

The company also has a separate strategic issue hanging over the stock. Comcast plans to separate its NBCUniversal and Sky businesses from its connectivity and technology operations, leaving the remaining company more heavily focused on broadband, wireless and enterprise connectivity.

TMUS stock is currently trading at lows last seen in 2024, while CMCSA stock is near record lows in the run-up to their Q3 earnings due at the end of October.

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