Goldman Sachs Downgrades Walt Disney (DIS) to Neutral, Removes From Conviction Buy List

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August 11, 2011 7:02 AM EDT
Get Alerts DIS Hot Sheet
Price: $107.78 +0.43%

Rating Summary:
    35 Buy, 19 Hold, 4 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 8 | Down: 5 | New: 26
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Goldman Sachs downgraded Walt Disney (NYSE: DIS) from Buy to Neutral and removed the stock from their Conviction Buy List. The firm set a price target of $35, down from $50.

The downgrades reflects that the firm is more cautious on the economy and the negative impact it may have on advertising and consumer spending. Approximately 40 percent of Disney's operating income comes from advertising and theme parks.

Goldman lowered FY2011E-2013E EPS by 8%-10% to $2.48, $2.83, $3.30 due to lower theme park and cable network margins.

For more ratings news on Walt Disney click here and for the rating history of Walt Disney click here.

Shares of Walt Disney closed at $31.54 yesterday.

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Downgrades, Hot Downgrades

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Goldman Sachs Conviction Buy List, Goldman Sachs