Davenport Cuts Disney (DIS) to Neutral Amid Lofty Investor Expectations

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June 9, 2011 12:22 PM EDT
Get Alerts DIS Hot Sheet
Price: $96.00 +0.40%

Rating Summary:
    35 Buy, 19 Hold, 4 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 16 | Down: 7 | New: 60
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Davenport's Mike Morris downgraded shares of Disney (NYSE: DIS) from Buy to Neutral Thursday morning, and also reduced his price target on the stock from $50 to $42.

The analyst cites continued optimism related to a recovery in the Parks & Resorts sector even as unemployment remains "stubbornly" high. Morris also pointed at risks to expectations for strong growth in national TV ads at ESPN and increasing content costs at ABC. The analyst believes investors are unjustified in overlooking continued losses to the Interactive segment and a weak TV syndication pipeline.

With Disney shares up 0.3 percent to $39.35 Thursday afternoon, Davenport's reduced price target still implies potential upside of about 7 percent.

For more ratings news on Walt Disney click here and for the rating history of Walt Disney click here.

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