Analysts at Macquarie Research on Wednesday downgraded shares of Comcast Corp. , to neutral from a day after the media and entertainment company said it would propose a $31.0 billion bid for Sky Plc. . Comcast’s potential to expand internationally, double its scale and leverage cross-border IP is great, Macquarie lead analyst Amy Yong wrote in a note, but uncertainty around M&A gives analysts at Macquarie doubt. “Though the downside in Comcast shares is limited after yesterday’s move, we believe the unpredictability could cap near-term upside,” Yong wrote. “If the 2017-2018 M&A playbook has taught us anything, it’s that anything can happen on the regulatory front and this could invite additional regulatory scrutiny.” Shares of Comcast have declined a little more than 1% in the last 12 months, while the S&P 500 index is up more than 16%.
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