Pivotal Research Downgrades Walt Disney (DIS) to Hold
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Pivotal Research downgraded Walt Disney (NYSE: DIS) from Buy to Hold with a price target of $102.00 (from $108.00). The change followed disappointed Q4 results.
"Disney reported fiscal 4Q16 (calendar 3Q16) earnings yesterday. Results were primarily down because of Disney’s fiscal calendar, which led to one fewer week vs. the year-ago period. However, there was also more underlying softness than we expected in cable advertising, consumer products, the parks and the studio. With caution applied to several areas for the coming quarter, the flow-through effects to our model cause us to reduce our price target to $102 from $108. As this price is within 15% of current trading levels, we reduce our recommendation on Disney from Buy to Hold," said analyst Brian Wieser.
Shares of Walt Disney closed at $94.96 yesterday.
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