Gabelli Downgrades Walt Disney (DIS) to Hold

Gabelli downgraded Walt Disney (NYSE: DIS) from Buy to Hold on valuation.

"With shares now trading at 16.3x our 2012 EPS estimate of $3.05 and 14.7x our 2013 estimate of $3.40.... 3Q results were in line with our expectations, driven by strong performance of The Avengers at the studio and continued profit growth at parks & resorts... Valuing the Media Networks at 10x EBITDA, Parks & Resorts at 7x, the Studio at $4.4 billion, Consumer Products at $7.2 billion, and Interactive at $680mm, we derive a sum-of-the-parts PMV of $50/shr in 2012."

For an analyst ratings summary and ratings history on Walt Disney click here. For more ratings news on Walt Disney click here.

Shares of Walt Disney closed at $49.81 yesterday.

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