Market News

Disney Delays Reopening Of Paris Theme Park By Two Months

Walt Disney announced that its Disneyland Paris theme park won’t be reopened on Feb. 13 as had been planned due to the resurgence in COVID-19 cases, the company said in a tweet.

Instead, Disney (DIS) is now hoping to open the doors to the theme park on April 2, assuming that the pandemic-led restrictions in Europe will ease.

The media and entertainment company’s parks, experiences, and consumer products segment has suffered significantly in recent months due to the pandemic-led closures of theme parks, movies, and cruises globally. Back in November, Disney had announced that plans to lay off about 32,000 employees in the first half of 2021. (See DIS stock analysis on TipRanks)

On Jan. 15, MoffettNathanson analyst Michael Nathanson raised the stock’s price target to $180 (5% upside potential) from $160 and maintained a Hold rating. The analyst expects to see a rebound in digital advertising in 2021.

From the rest of the Street, the stock scores a bullish outlook on the stock. The analyst consensus of a Strong Buy is based on 17 Buys and 5 Holds. The average analyst price target of $187.94 implies upside potential of about 9.6% to current levels. Shares have gained 18.1% over the past year.

Meanwhile, TipRanks’ Hedge Fund Trading Activity tool shows that confidence in Disney is currently Positive as 24 hedge funds increased their cumulative holdings in DIS by 316.7K shares in the last quarter.

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