Evercore ISI analyst Vijay Jayant lowered the firm’s price target on Disney to $100 from $110 and keeps an Outperform rating on the shares as the firm rolls out its new Disney model following recent segment reporting changes that reorganized the legacy Disney Media and Entertainment Distribution, or DMED, businesses. DMED has been split up into two new segments called Entertainment and Sports, notes the firm, which believes the new disclosure helps shine a spotlight on the varying trends across Disney’s sports and entertainment assets. The firm’s trimmed target is based on about 20 times its FY24 adjusted EPS forecast of $4.95, the analyst noted.
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