KeyBanc Capital Markets released findings from its quarterly consumer survey of more than 2,000 U.S. respondents that mapped shifting behavior in media consumption and attitudes toward home broadband. The firms Cable & Media Team and Internet & Digital Media Team broadened their research this quarter to track broadband and home internet trends as low Earth orbit satellite services begin to influence consumer choices.
The survey combined analysis of media viewership habits with measures of broadband satisfaction, including perceived speeds and pricing across the major providers. Respondents answers revealed evolving preferences in both traditional and streaming media, as well as varied satisfaction levels with internet service providers.
Top companies highlighted by KeyBanc
KeyBanc identified a set of U.S. consumer media and broadband companies that stood out in the survey results and related industry developments. The firm described the drivers behind each company's placement, and reiterated or adjusted ratings accordingly.
AT&T - AT&T emerged as the highest ranked broadband provider for customer satisfaction in the survey, despite ongoing challenges tied to legacy infrastructure. The firms scores on speed and pricing were generally comparable to peers. KeyBanc noted AT&Ts pricing aligns with cable competitors while offering fiber service that provides superior performance. The company also provides fixed wireless alternatives at lower price points, offering customers multiple service tier options. KeyBanc reiterated an Overweight rating on the stock. Separately, AT&T is moving forward with an agreement to purchase the fiber-to-the-home broadband business from Lumen Technologies, a transaction that includes roughly four million fiber passings and one million customers.
Alphabet - KeyBanc maintained an Overweight rating on Alphabet, citing YouTubes strengthening momentum across both ad-supported and subscription products. The research team emphasized YouTubes expanding footprint on television screens and improvements in advertising targeting as factors that should enable it to capture additional share of traditional linear television ad budgets as those trends continue. The survey commentary also referenced a price target increase from TD Cowen that pointed to expectations for continued cloud acceleration and healthy search growth, and the companys launch of the Gemini AI assistant as a standalone desktop application for Mac.
Amazon - Amazon received attention for rising video engagement and developments in its Amazon Demand-Side Platform, which is positioned to grow advertising revenue. The consumer polling showed encouraging interest in satellite internet services, and KeyBanc highlighted recent partnerships, including an agreement with Delta Air Lines, as likely to raise awareness of Amazons low Earth orbit satellite internet offering. The firm also noted positive analyst commentary tied to accelerating expectations for Amazon Web Services, including Truist Securities raising price targets. AWS developments cited in the analysis include an expanded partnership with Oracle and a contract to migrate core systems for the Depository Trust & Clearing Corp. to the cloud.
Netflix - Netflix retained its role as the core streaming service for many consumers in the survey. KeyBanc attributed the company's position to an improved content slate, consolidation within the industry and a broader set of pricing tiers. Those elements, the firm said, are expected to support a medium-term monetization growth path. Netflix reported first-quarter 2026 results that beat consensus estimates for revenue and earnings, although its guidance for the second quarter prompted several firms, including Guggenheim and Oppenheimer, to lower their price targets.
Roku - Rokus profile in the report was tied to expansion in ad-supported streaming and its demand-side platform partnerships, which KeyBanc views as creating favorable conditions for revenue and profitability growth. The company announced it surpassed 100 million streaming households worldwide and plans to revise its financial reporting to separate results into two segments: "Advertising" and "Subscriptions." KeyBanc noted that new financial disclosures scheduled for the first quarter of 2026 could bolster investor confidence in Rokus growth trajectory.
T-Mobile - While KeyBanc assigned a Sector-Weight rating to T-Mobile, the survey results showed the carrier delivering notably higher-than-expected speeds combined with lower pricing, producing strong value for consumers. Customer satisfaction was robust in the polling. KeyBancs write-up suggested that T-Mobiles wireless performance may lessen the need for extensive fiber infrastructure investments to remain competitive. The company has also seen positive coverage adjustments: KeyBanc upgraded T-Mobile to Overweight, and Morgan Stanley initiated coverage with an Overweight rating, with both firms pointing to the carriers growth outlook and network strength.
Takeaway
The survey and accompanying research underscore a marketplace in flux: consumers continue to shift between traditional and streaming video options while assessing broadband providers on a combination of speed, price and overall satisfaction. At the same time, nascent competition from low Earth orbit satellite services is beginning to register in consumer awareness and provider strategies. KeyBancs coverage highlights companies that, according to the firms assessment, are positioned to benefit from those dynamics either through customer satisfaction, advertising momentum, service offerings or network advantages.
Note: This article reports KeyBancs survey findings and firm-level commentary based on the information provided by KeyBanc Capital Markets. It presents the firms ratings, consumer survey results and company-specific developments as described in the research.