Guggenheim analyst Mike McCormack lifted Comcast Corp.'s rating to "buy" from "neutral," citing several upside scenarios, TheFly.com reported May 30.

McCormack, who raised his price target on the stock to $52 from $39, said the company's pivot from a video distributor to a connectivity company "has been fairly smooth." The analyst wrote that the company's first-quarter results showed that companies like Comcast are outperforming in the broadband space.

McCormack further noted that its programming arm NBCUniversal Media LLC operates at "a very high level," while its wireless business is also showing steady gains.