On August 6th, Morgan Stanley maintained the "shareholding" rating for Disney and lowered the target price by $20 to $110. They pointed out that the recent sell-off reflected concerns about the macro background, especially the theme parks. However, they believed that it presented a buying opportunity. The bank believes that theme parks and resorts have unique attractiveness to investors, which are key drivers of long-term earnings growth and support Disney's premium on stock valuation. Performance of Marvel and Pixar animation studios have improved "faster than expected", and this year's movie performance far exceeded expectations. Morgan Stanley predicts Disney's third-quarter revenue to be $23 billion and adjusted earnings per share to be $1.17. Looking ahead, Morgan Stanley stated that the company will need to continue to demonstrate the ability to produce results in the studio, guide the theme park effectively, and improve the profitability of DTC to double digits.