Stifel Downgrades Walt Disney (DIS) to Hold
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Stifel downgraded Walt Disney (NYSE: DIS) from Buy to Hold on valuation.
Analyst Benjamin Mogil commented, "We are downgrading our rating on Disney from a Buy to a Hold on valuation. Our new fair value estimate of $110 is unchanged from our previous target price and the rating change reflects what we believe to be relatively full valuation."
Mogil said the Studio and corresponding Consumer Products segments continue to deserve a strong multiple. Also the Parks unit should as the start up losses related to Shanghai are reversed along with what continues to be very strong domestic Park performance. On the other side, the Media segment continues to be a concern. "While there has been some relief/reduced concern around the carriage and MVPD subscriber numbers at ESPN YTD, we estimate that F2017 will be a likely flat year to possibly at Cable OI," the analyst said. "We also continue to view the sports rights license environment as one which despite MVPD subscriber concerns continues to favour the rights holder and we expect continued inflation in this area."
Shares of Walt Disney closed at $100.15 yesterday.
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