Walt Disney (DIS) PT Raised to $215 at Guggenheim on Faster Recovery with Higher Spending Levels
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(Updated - June 17, 2021 6:56 AM EDT)
Guggenheim analyst Michael Morris raised the price target on Walt Disney (NYSE: DIS) to $215.00 (from $210.00) noting that consumer trends point to a steeper parks recovery trajectory and higher spending levels.
The analyst reiterated a Buy rating, stating "the state of California has allowed Disneyland to return to full capacity as of 6/15 and Disneyland Paris is scheduled to re-open on 6/17. While management has guided to low double-digit attendance growth over the next several months, we anticipate that strong demand and a high level of execution (‘great majority of cast members ready and able to return’) will support a steep recovery rate, with fiscal 2022 revenue matching 2019 levels. Our updated analysis draws from the healthy return of broader domestic restaurant demand, tempered by the longer expected booking lead time for vacation windows, particularly at Walt Disney World".
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