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Monday, July 25, 2022 4:53:27 PM
By: Investing.com | July 25, 2022
A Wells Fargo analyst said in a research note Monday that they remain bullish on Walt Disney (NYSE:DIS), despite lowering their price target on the stock to $130 from $153 per share.
However, the analyst, who has an Overweight rating on Disney, told investors they believe estimates need a reset that harmonizes them with the stock price.
"We remain DIS bulls and think upcoming catalysts include Disney+ net adds progressing ahead of investor expectations, as well as potentially launching ESPN+ fully à la carte. If we're right, DTC within DIS has meaningful upside given where NFLX is trading (and NFLX feels less bad after 2Q22). But, it's not all positivity as we're also making the necessary cuts to Disney+ subs, DPEP and ads for recession," wrote the analyst.
He added that the company "has seen the wheels come off the stock wagon this year, down -34% (S&P500 -17%)."
Most of that devaluation has been streaming, though recession fears and CEO headlines haven't helped. We admit missing the catalysts that brought DIS down, but we also see catalysts for a rally from here against low expectations."
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