Comcast Co-CEO Mike Cavanagh ‘Optimistic’ About Versant Stock Price After Trading Began ‘A Little Bit Below’ Expectations | Video

Comcast co-CEO Mike Cavanagh told CNBC’s “Squawk Box” on Wednesday that Versant’s stock price was “a little bit below where we thought it’d be” after first-day trading saw the price tumble by 13%, but that he was optimistic about the value of the spinoff company’s assets.

“We’re trading a little bit below where we’d expected it to be, ultimately, given the early day turnover, which was expected,” Cavanagh said, believing Versant’s multiples mean it could “trade anywhere in the 4-5x range.”

Versant...