New CEO Bob Chapek"surprised us, leaning far harder into streaming," writes LightShed Partners' Richard Greenfield.
In early May, the Wall Street expert downgraded Disney."At the time we focused on how the market under-appreciated the impact of COVID-19 on fiscal 2020-2021 earnings," he explained in a Friday report."We knew numbers needed to come down significantly and expected the stock to follow, especially as leverage far exceeded historical norms. However, even 25 years into our analyst career, the market is still teaching us new lessons.
Greenfield also noted that Disney's decision to increased content spending on streaming service Disney+ to more than $8 billion by 2024 compared to a target of $4 billion set just a year ago"is a dramatic acceleration, illustrating management now understands far greater spending is needed to accelerate gross adds, increase engagement to drive average revenue per user and reduce churn. And he said"we would not be surprised to see this number rise materially.
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