Walt Disney dips as analysts cut to Neutral on near-term uncertainties By Investing.com

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Walt Disney dips as analysts cut to Neutral on near-term uncertainties

Published May 19, 2023 06:20

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Walt Disney dips as analysts cut to Neutral on near-term uncertainties

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Macquarie analysts downgraded shares of Walt Disney (NYSE:DIS) to Neutral from Outperform as they see near-term uncertainties weighing on earnings, valuation, and sentiment.

The new price target is $103 per share, about 10% above the current market price.

“We still appreciate Disney’s ability to successfully transform to a DTC-first streaming business over time, but now see more interim uncertainties,” analysts wrote in a client note.

The analysts noted that Linear networks are getting worse, which will likely place additional pressure on the company to make its streaming business profitable. They see a scenario for extended DTC operating losses beyond FY’24.

“On top of this, Parks growth is set to slow from here, removing a recent support,” analysts further added.

The ESPN business is another issue but analysts say the NBA rights renewal “ may be a catalyst for an ESPN OTT future.”

Walt Disney shares are down about 1% in pre-market Friday.

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