. Traditional businesses like linear TV are under significant pressure from cord-cutting.
Michael Nathanson of MoffettNathanson called the company’s forecast for fiscal 2023 segment earnings growth of high-single-digits, far below Wall Street’s consensus of 25% and his own outlook for 34% “the biggest controversy” in the financials. “Rarely have we ever been so incorrect in our forecasting of Disney profits,” the analyst wrote.
Jessica Reif Ehrlich of BofA Securities conceded the quarter was “tough,” but she painted a brighter picture than many of her Street colleagues. She reiterated her “buy” rating on the stock, but trimmed her 12-month price target to $115 from $127. Ben Swinburne of Morgan Stanley expressed even more optimism than Ehrlich, affirming his “overweight” rating on Disney shares and setting a $125 price target. He characterized the lighter-than-expected revenue and profit guidance for fiscal 2023 as “primarily a function of margin pressure at legacy TV networks, with lower F4Q Parks & Streaming results also contributing.
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