Guggenheim's Michael Morris also cuts his price target, citing 'our updated view of the pace of profit growth at the company’s direct-to-consumer and parks businesses, which is now below consensus.'
” for the company, Guggenheim analyst Michael Morris the company’s stock from “buy” to “neutral” and cut his price target from $205 to $165.
The Wall Street expert wrote in a Friday report that this reflected his “updated view of the pace of profit growth at the company’s direct-to-consumer and parks businesses, which is now below consensus through fiscal 2024.” Morris cited such factors as increased streaming investment and a slower theme parks recovery as affecting hisforecasts. “Our updated Disney model incorporates key data from the company’s 10-K filing,” or annual report, he explained, and “reflects a higher than previously forecast increase in content expense, particularly at the direct-to-consumer segment, and our view of recent parks activity, impacted by heightened attendance restrictions and consumer caution.
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