Disney Downgraded To Underperform From In-Line At Imperial Capital
Imperial Capital analyst David Miller downgraded Disney (DIS) to Underperform from In-Line with a price target of $105, down from $107.
The stock closed Wednesday up 57c to $121.53.
The analyst reduced estimates for Disney to reflect a more conservative outlook for theme park volumes than previously assumed as well as lower film ultimates.
The shares have "risen too far too fast" after jumping 21% over the last four weeks, Miller tells investors in a research note. The analyst recommends taking profits at current share levels. Disney looks like a named that should "traded" rather than "owned" for now, says Miller.
Disclosure: None.