Merrill Lynch Downgraded Walt Disney (DIS) to Underperform
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Merrill Lynch downgraded Walt Disney (NYSE: DIS) from Neutral to Underperform, citing risks to earnings due to the economic climate.
The firm said about 60% of Disney's revenue is economically sensitive. They cut 2009 EPS estimates on Disney from $2.47 to $2.40 and lowered their price target from $34 to $27.
Shares of Walt Disney closed down 4.3% yesterday to $28.26.
The Walt Disney Company operates as a diversified entertainment company worldwide.
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