As previously reported, Guggenheim analyst Michael Morris downgraded Disney (DIS) to Neutral from Buy with a price target of $100, down from $160.

Disney has been "particularly hard hit by the pandemic" across virtually every segment of the company and he has lowered his revenue and operating profit estimates across all segments.

Morris also anticipates advertising pressure at media networks and lost profits due to the suspension of both feature film production and theatrical releases, adding that the impact of sports postponements is "unclear," given both the postpone vs. cancel decisions and contractual terms.