Walt Disney (DIS): Cutting PT Ahead Of Content Contract Renewals - BMO
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BMO Capital Markets analyst, Daniel Salmon, reiterated his Perform rating on shares of Walt Disney (NYSE: DIS) and cut his price target to $90 from $95.
The analyst expects MVPD distribution losses to continue to outweigh opportunities from newer distribution formats like OTT skinny bundles and DTC products. The analyst believes Disney’s upcoming renewal cycle presents a risk to pricing growth and monthly subscriber fee growth that will likely take a step down from the previous cycle. The analyst expects weakness in ESPN MVPD and skinny bundle subscribers and revenue (and Disney's other major cable nets).
Shares of Walt Disney closed at $91.30 yesterday.
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