Comcast’s theme park weakness may not extend to Disney, says Barclays

Barclays notes that Comcast’s (CMCSA) Universal reported a 10% drop in revenues in theme parks, which the firm calls “pretty unprecedented in normal periods and hasn’t been seen outside of recessions or events like Covid.” However, the firm also notes that Comcast theme park revenue last year was about 44% higher than 2019 levels as the company benefited from Super Nintendo World, the impact of which is now unwinding. This may actually have been a headwind for Disney (DIS) last year and could provide a comp tailwind, adds the analyst, who contends that revenue and cost mix at Disney and Universal parks is “very different” and cautions that extrapolations based on Universal results “may be misleading.” Barclays has an Overweight rating and $130 price target on Disney shares.