Walt Disney (DIS) PT Lowered to $203 at Wells Fargo

Wells Fargo analyst Steven Cahall lowered the price target on Walt Disney (NYSE: DIS) to $203.00 (from $216.00) while maintaining an Overweight rating.

The analyst commented, "Recent commentary around F4Q21 Disney+ net adds has cast a spotlight on what it will take for DIS to reach FY24 subscriber guidance. We think investors now have some causes for concern, but if the content pipeline ramps up as planned, then we believe guidance remains achievable (though perhaps not conservative). We look to the NFLX experience + content amortization expectations to remain confident in DIS, but our price target falls as we reset our sub numbers."

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