Disney (DIS): 10K Disclosure Shows Subs Falling, But Slower Than Expected - Stifel
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Stifel analyst, Benjamin Mogil, reiterated his Buy rating on shares of Walt Disney (NYSE: DIS) after a 10K disclosure showed ESPN subscribers down 2mn or around 2% in F2016, a figure that is likely neutral for expectations and negates some of the large sequential subscriber erosions which were noted by Nielsen earlier last month.
The -2% was an improvement over past years’ trends though still concerning to margins. Disney Channel, though less of a focal point but one which highlights the challenges around SVOD and kids impacting linear channels, saw a similar 2mn -2% subscriber decline in line with recent years’ trends.
No change to the price target of $100.
Shares of Walt Disney closed at $98.26 yesterday.
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