Disney Stock Drops After Cowen Downgrade -- MarketWatch
Disney Stock Drops After Cowen Downgrade -- MarketWatch
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
For more from MarketWatch: http://www.marketwatch.com/newsviewer
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July 16, 2020 07:29 ET (11:29 GMT)
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DJ Disney Stock Drops After Cowen Downgrade -- MarketWatch
DJ 迪士尼股票在考恩降級後下跌-市場觀察
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%.
華特迪士尼股份有限公司在 Cowen & Co. 分析師道格·克魯茨（Doug Creutz）將其對股票對市場表現的評級從「跑贏大市」下調，並將目標價格從 101 美元降低至 97 美元之後，DIS）在上市前交易中下跌了 2％ 以上。克魯茨看到迪士尼公園和電影業務的恢復時間表將更長，因為這兩個地區都可能面臨 COVID-19 的「長期影響」。克魯茨寫道：「我們相信充其量，至少在 2021 年中期之前，重容量限制將佔上風，並且相信公園有一個有意義的可能性可能會被迫再次關閉，」克魯茨（Walt Disney World）寫道。「迪士尼樂園仍然關閉，我們預計由於加利福尼亞州在處理該病毒方面採取了更加謹慎的方法，我們預計將持續他現在估計，在 2021 財年財政年度之前，該公司將不會再看到 2019 財政年度的園區利潤水平。在業務的電影方面，Creutz 預計，直到 2021 年中旬，國內電影院將「大部分關閉」，這意味著工作室將猶豫不決發布新電影。由於道瓊斯工業平均指數上漲了 14％，在過去三個月中，迪士尼股價上漲了 19％。
-Emily Bary
-艾米莉·巴里
For more from MarketWatch: http://www.marketwatch.com/newsviewer
欲了解更多來自市場查看:http://www.marketwatch.com/newsviewer
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(完) 道瓊斯通訊社
July 16, 2020 07:29 ET (11:29 GMT)
二零二零年七月十六日（北京時間 11:29）
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