Disney Stock Drops After Cowen Downgrade -- MarketWatch


2020/07/16 19:29  Dow Jones Newswires

DJ Disney Stock Drops After Cowen Downgrade -- MarketWatch

Shares of Walt Disney Co. (DIS) are off more than 2% in premarket trading Thursday after Cowen & Co. analyst Doug Creutz lowered his rating on the stock to market perform from outperform and cut his price target to $97 from $101. Creutz sees a longer recovery timetable ahead for Disney's parks and film businesses as both areas could face "prolonged impacts" from COVID-19. "We believe that at best, heavy capacity constraints will prevail until at least mid-2021, and believe there is a meaningful probability that the park could be forced to close again," Creutz wrote of Walt Disney World. "Disneyland remains closed and we expect that to persist due to California's more cautious approach in dealing with the virus." He now estimates that the company won't see fiscal 2019 park profit levels again until fiscal 2021. On the film side of the business, Creutz anticipates that domestic movie theaters will be "largely closed" until the middle of 2021, meaning that studios will be hesitant to release new titles. Disney shares have risen 19% over the past three months as the Dow Jones Industrial Average has gained 14%.

-Emily Bary

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(END) Dow Jones Newswires

July 16, 2020 07:29 ET (11:29 GMT)

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华特迪士尼公司的股票。在周四盘前交易中,DIS股价下跌逾2%,此前Cowen&Co.分析师Doug Creutz将该股评级从跑赢大盘下调至大盘表现,并将目标价从101美元下调至97美元。克鲁茨认为迪士尼公园和电影业务未来的复苏时间表会更长,因为这两个领域都可能面临新冠肺炎的“长期影响”。Creutz在谈到华特迪士尼世界时写道:“我们认为,充其量,严重的容量限制至少会持续到2021年年中,并认为公园很有可能被迫再次关闭。”“迪士尼乐园仍处于关闭状态,我们预计这种情况将持续下去,因为加州在应对病毒方面采取了更为谨慎的做法。”他现在估计,在2021财年之前,该公司不会再次看到2019财年的公园利润水平。在电影业务方面,克鲁茨预计,国内电影院在2021年年中之前将“基本上关闭”,这意味着制片厂将对发行新片名犹豫不决。迪士尼股价在过去三个月里上涨了19%,道琼斯工业平均指数(Dow Jones Industrial Average)上涨了14%。







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