Shares of media and communications company Comcast (NASDAQ:CMCSA) fell as much as 8.3% on Wednesday. As of 12:40 p.m. EDT, the stock was down 3.2% -- even as the broader market is up sharply.
Shares of the communications company are likely down because of an analyst's decision to lower his price target for the stock.
Citi analyst Michael Rollins lowered his 12-month price target on the stock on Wednesday from $54 to $40, citing an increased chance of economic weakness or a recession as a result of the coronavirus pandemic.
The stock's pullback on Wednesday comes despite the overall market showing some resilience following a downturn over the last month. The S&P 500 is up 2.9% on Wednesday.
Of course, investors should keep in mind that while Rollins lowered his 12-month outlook for the stock, the analyst seems to think much of this riskier environment has already been priced in thanks to a 28% decline in Comcast's share price since Feb. 19, as $40 still represents meaningful upside -- and he is maintaining a buy rating on the stock.