Disney shares fell more than 8% in morning trading

Tiger Newspress2021-11-11

Disney shares fell more than 8% in morning trading.

Atlantic Equities is cutting Disney to Neutral from Buy in the wake of its earnings, pointing to direct-to-consumer additionsslowing more than expected.

It is lowering its price target to $172 from $219 per share, just below the last closing price.

"Disney's focus on franchises led to excellent sign-up rates out of the gate, but we are increasingly convinced that the penetration of this fan base is close to saturated in launched markets," analyst Hamilton Faber writes in a note.

"While there are new geographies to come, we believe volume growth will disappoint," Faber says. "We are retaining our (sum of the parts) valuation but cutting our target DTC revenue multiple from 8x to 5x."

Faber adds that reiterated Disney+ subscriber guidance of 230-260M subs for 2024 looks aggressive and he is cutting his estimate slightly to 218M.

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精彩评论

  • Jac_jk
    2021-11-15
    Jac_jk
    This hurts 
  • KerenPeng
    2021-11-12
    KerenPeng
    Ok
  • seahdh
    2021-11-12
    seahdh
    Will global reopening of borders affect this analysis?
  • JGSC
    2021-11-12
    JGSC
    Work harder 
  • koolgal
    2021-11-12
    koolgal
    Disney needs the magic from the Magic Kingdom to fly high again!  With the opening of international borders in the US, there will definitely be more visitors to the Magic Kingdom! Wish Upon A Star and May Your Dreams Come True! 🎉🎊🎉⭐⭐⭐
  • Bentofighter
    2021-11-12
    Bentofighter
    Pls like
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