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2021-03-19

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Disney’s Streaming Business Has Grabbed All the Attention. It’s the Theme Parks’ Turn Now.

Walt Disney’s story over the past year has focused on the success of its streaming business and othe

Disney’s Streaming Business Has Grabbed All the Attention. It’s the Theme Parks’ Turn Now.

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It’s the Theme Parks’ Turn Now.","url":"https://stock-news.laohu8.com/highlight/detail?id=1165419770","media":"Barrons","summary":"Walt Disney’s story over the past year has focused on the success of its streaming business and othe","content":"<p>Walt Disney’s&nbsp;story over the past year has focused on the success of its streaming business and other digital operations as its traditional theme parks remained shut down.</p>\n<p>Expect the narrative to flip&nbsp;as Disneyl&nbsp;and reopens next monthand pent-up demand brings Mickey Mouse lovers back to its theme park locations in California, Florida and other parts of the world, says&nbsp;JPMorgan&nbsp;analyst Alexia Quadrani.</p>\n<p>Walt Disney&nbsp;(ticker: DIS) has been trading near all-time highs in recent weeks, but Wall Street sees room for more gains. Twelve analysts have raised their price targets on the stock since mid-February, with a Street-high of $230, according to FactSet.</p>\n<p>That implies an 18% gain from the current price.Walt Disney&nbsp;shares fell 1.5% on Thursday, to around $192 but are up 6.1% this year compared to the S&amp;P 500’s 4.2% year-to-date gain.</p>\n<p>Disney+, the streaming product introduced last year, amassed 100 million subscribers as of earlier this month. While movies were delayed for release in theaters because of business shutdowns, Disney used the platform to debut its latest films, including the live action<i>Mulan</i>last year.</p>\n<p>JPMorgan’s Quadrani said the robust growth of Disney+ “will likely continue to award the stock a higher multiple as it increases conviction in its longer-term success and path to profitability.”</p>\n<p>The bank kept its price target at $220 and its Overweight rating on Disney stock.</p>\n<p>But it is the&nbsp;theme park reopenings&nbsp;that will drive recovery this year, JPMorgan said.</p>\n<p>Disney’s new advanced reservation systems and annual pass program changes — both instituted during last year’s shutdowns and gradual reopenings — could actually deliver more growth over time, Quadrani said.</p>\n<p>“As Disney compiles more data around reservation and demand on any given day, they can become better at dynamically pricing tickets and yield management, leading to greater opportunities for revenue growth in our view,” she wrote in a note.</p>\n<p>It’s not the only theme park operator poised for a rebound.Six Flags Entertainment&nbsp;will also be reopening parks next month, including its Magic Mountain in Los Angeles.Six Flags Entertainment&nbsp;shares (SIX) were up 0.9% on Thursday and have gained 47% this year.</p>\n<p>Disney’s theme park closures cost $6.9 billion in operating income for fiscal year 2020, with the biggest hit coming in the third quarter, JPMorgan said.</p>\n<p>While shut down, however, Disney worked on upgrading the attractions and operations. The legacy business, including theme parks, “will come into greater focus over the next 12 months as the pace of recovery has an outsized impact on profitability,” Quadrani said.</p>\n<p>Also working in Disney’s favor: the economic rebound is expected to move more swiftly than the last downturn, which followed the 2008 financial crisis. In that earlier period, it took Disney six years to return to pre-crisis operating margins, Quadrani noted.</p>\n<p>She sees margins improving this time around by 2023, possibly even surpassing the 2019 peak by 60 basis points, to 26.4%.</p>\n<p>Disney had to delay the completion of some projects, such as the Star Wars: Galactic Cruiser hotel at its Hollywood Studios in Florida and its Avengers attraction at Disneyland in California.&nbsp; Both should be open in time for the kick off of Disney World’s 50th anniversary in October.</p>\n<p>The theme park operator is also adding attractions to its locations in Paris, Hong Kong, Shanghai, and Tokyo, Quadrani said.</p>\n<p>Disneyland’s reopening on April 30 includes its California Adventure park and a phased reopening of the Disney-owned hotels located there.</p>\n<p>A new attraction at Florida’s Epcot park, Remy’s Ratatouille Adventure, is slated to open in October.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Disney’s Streaming Business Has Grabbed All the Attention. It’s the Theme Parks’ Turn Now.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDisney’s Streaming Business Has Grabbed All the Attention. It’s the Theme Parks’ Turn Now.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-19 10:32 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/disneys-streaming-business-has-grabbed-all-the-attention-its-the-theme-parks-turn-now-51616094105?mod=RTA><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Walt Disney’s story over the past year has focused on the success of its streaming business and other digital operations as its traditional theme parks remained shut down.\nExpect the narrative to flip...</p>\n\n<a href=\"https://www.barrons.com/articles/disneys-streaming-business-has-grabbed-all-the-attention-its-the-theme-parks-turn-now-51616094105?mod=RTA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DIS":"迪士尼"},"source_url":"https://www.barrons.com/articles/disneys-streaming-business-has-grabbed-all-the-attention-its-the-theme-parks-turn-now-51616094105?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165419770","content_text":"Walt Disney’s story over the past year has focused on the success of its streaming business and other digital operations as its traditional theme parks remained shut down.\nExpect the narrative to flip as Disneyl and reopens next monthand pent-up demand brings Mickey Mouse lovers back to its theme park locations in California, Florida and other parts of the world, says JPMorgan analyst Alexia Quadrani.\nWalt Disney (ticker: DIS) has been trading near all-time highs in recent weeks, but Wall Street sees room for more gains. Twelve analysts have raised their price targets on the stock since mid-February, with a Street-high of $230, according to FactSet.\nThat implies an 18% gain from the current price.Walt Disney shares fell 1.5% on Thursday, to around $192 but are up 6.1% this year compared to the S&P 500’s 4.2% year-to-date gain.\nDisney+, the streaming product introduced last year, amassed 100 million subscribers as of earlier this month. While movies were delayed for release in theaters because of business shutdowns, Disney used the platform to debut its latest films, including the live actionMulanlast year.\nJPMorgan’s Quadrani said the robust growth of Disney+ “will likely continue to award the stock a higher multiple as it increases conviction in its longer-term success and path to profitability.”\nThe bank kept its price target at $220 and its Overweight rating on Disney stock.\nBut it is the theme park reopenings that will drive recovery this year, JPMorgan said.\nDisney’s new advanced reservation systems and annual pass program changes — both instituted during last year’s shutdowns and gradual reopenings — could actually deliver more growth over time, Quadrani said.\n“As Disney compiles more data around reservation and demand on any given day, they can become better at dynamically pricing tickets and yield management, leading to greater opportunities for revenue growth in our view,” she wrote in a note.\nIt’s not the only theme park operator poised for a rebound.Six Flags Entertainment will also be reopening parks next month, including its Magic Mountain in Los Angeles.Six Flags Entertainment shares (SIX) were up 0.9% on Thursday and have gained 47% this year.\nDisney’s theme park closures cost $6.9 billion in operating income for fiscal year 2020, with the biggest hit coming in the third quarter, JPMorgan said.\nWhile shut down, however, Disney worked on upgrading the attractions and operations. The legacy business, including theme parks, “will come into greater focus over the next 12 months as the pace of recovery has an outsized impact on profitability,” Quadrani said.\nAlso working in Disney’s favor: the economic rebound is expected to move more swiftly than the last downturn, which followed the 2008 financial crisis. In that earlier period, it took Disney six years to return to pre-crisis operating margins, Quadrani noted.\nShe sees margins improving this time around by 2023, possibly even surpassing the 2019 peak by 60 basis points, to 26.4%.\nDisney had to delay the completion of some projects, such as the Star Wars: Galactic Cruiser hotel at its Hollywood Studios in Florida and its Avengers attraction at Disneyland in California.  Both should be open in time for the kick off of Disney World’s 50th anniversary in October.\nThe theme park operator is also adding attractions to its locations in Paris, Hong Kong, Shanghai, and Tokyo, Quadrani said.\nDisneyland’s reopening on April 30 includes its California Adventure park and a phased reopening of the Disney-owned hotels located there.\nA new attraction at Florida’s Epcot park, Remy’s Ratatouille Adventure, is slated to open in October.","news_type":1},"isVote":1,"tweetType":1,"viewCount":360,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"upFlag":false,"length":6,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"hasMoreComment":false,"orderType":2}