Comcast may continue to carry both analog and digital signals for...

80 analog channels tomorrow it wouldn’t know what to do with the bandwidth,” Banc of America Securities cable analyst Douglas Shapiro wrote in a client note. “The significance of this is that it may never be in the position where it has to provide a digital set-top for every TV in the home.” Burke’s remarks also indicate the transition to DTV may not be over for a decade or more, said cable consultant Steve Effros. “It may be more efficient to continue to use a very limited portion of our bandwidth for analog distribution,” said Effros, “rather than go to the expense, which Wall Street is worried about, of putting digital boxes on every conceivable set.” Comcast declined to comment. Shapiro wrote that Comcast co-CFO John Alchin, also speaking at the meeting, said Comcast doesn’t expect “a major recapitalization,” although officials said it will continue to use free cash flow to repurchase stock or for a dividend. Comcast, which Burke said was “chastened” by its failed bid for Disney, “doesn’t believe that any of the 6 major media companies are viable targets,” the analyst wrote.