Walt Disney (DIS) PT Lowered to $105 at Truist Securities

Truist Securities analyst Matthew Thornton lowered the price target on Walt Disney (NYSE: DIS) to $105.00 (from $121.00) while maintaining a Buy rating.

The analyst commented, "We’re lowering estimates post F2Q results and to reflect accelerated depreciation of the SW FL hotel (recent disclosure). Our annual EPS is ~in-line with consensus, revenue below (we think stock pullback reflecting this). We walk through 10 key model assumptions (and 4 areas where there could be cushion/upside). Our year-end F2023 PT of $105 (from $121) is 20x/12x F2024 revenue/EBITDA (15x/10x F2026; cost actions at full run-rate), supported by 10-year DCF (8.5% WACC, 2.5%/10x terminal growth/EBITDA) and SOTP (see below). Maintain Buy with sentiment pinned negative, viewing valuation/risk-reward as favorable."

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