We've Moved Our Comcast Moat Rating to Narrow as Longer-Term Threats Grow

Comcast’s core cable business enjoys significant competitive advantages and should deliver strong cash flow for the foreseeable future. However, fixed-wireless offerings from competitors have proven to be viable broadband alternatives, and competing fiber networks continue to expand at a steady clip, which will chip away at the returns on capital Comcast earns. We're also skeptical that the media business will return to the level of profitability it has enjoyed in the past.