The news was not great for Disney (NYSE:DIS) buffs, especially those who were hoping for better performance out of Marvel movies in 2023. But despite a lackluster performance for one title and a host of delays announced, Disney still managed to gain nearly 1.5% in the closing minutes of Monday’s trading session.
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Releases Underperform, and the Future Looks Empty
This weekend played host to “The Marvels,” the latest in the Marvel Cinematic Universe (MCU) release lineup. Many were looking to this one to deliver big numbers, as it was a Marvel release, and there was little concern about the weather interfering as a winter release might have. But “The Marvels” couldn’t produce much of a marvel in its own right, bringing in $47 million over the weekend. That’s good, objectively, but subjectively it’s a disaster.
It’s the lowest opening weekend in the over-30-year history of the MCU. And, just to add insult to injury, “The Marvels” had the fourth-highest production budget in the MCU as well. The only bright spot was the international release, where it brought in $63 million or so, bringing the total closer to $110.3 million.
And that’s when things started to slide still further. A string of delays for future releases emerged as Disney pushed back several movies in the wake of the WGA / SAG-AFTRA strikes. Some of the delays are comparatively minor; “Deadpool 3” is pushed back from May 3, 2024, to July 26, 2024. “Captain America: Brave New World” was shoved from July 26, 2024, to February 14, 2025. Moreover, Thunderbolts got shifted back from December 2024 to July 2025, and Blade got to keep its 2025 slot but fell back from February to November.
It wasn’t just Marvel movies, either, as the Lion King adaptation also got pushed from July 2024 to December 2024. In addition, two previously unannounced titles were removed altogether. This means only one Marvel movie will show up in all of 2024, a far cry from the standard schedule of at least two per year.
Is Disney Stock a Buy or Hold?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on DIS stock based on 18 Buys, six Holds, and one Sell assigned in the past three months, as indicated by the graphic below. After a 5.05% loss in its share price over the past year, the average DIS price target of $106.86 per share implies 19.49% upside potential.
