Wolfe's Peter Supino moves from an 'outperform' to a 'peer perform' rating, citing 'cognitive dissonance.'
Supino cut his fiscal year 2024 operating income projection by 5 percent and changed his stock price target from $133 to N/A, or not applicable. Disney CEO Bob Iger and his team have said that they have started a broader refocusing of the entertainment giant, but more work was needed.
“With Disney+ subscriber forecasts looking risky, the linear TV outlook deteriorating, $2.5 billion of hard cost reductions now in consensus, and content amortization set to catch up to cash spend in the coming years, we downgrade Disney to ‘peer perform’,” he explained. “In fiscal year 2024, we expect less advertising and affiliate revenue and less DTC revenue .
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