The Fly

Disney price target lowered to $127 from $144 at BofA

BofA analyst Jessica Reif Ehrlich lowered the firm’s price target on Disney to $127 from $144 to reflect recent contraction in market multiples and keeps a Buy rating on the shares. She also lowered her estimate of fiscal Q4 revenue to $21.7B from $22.2B to reflect lower projected Disney+ net adds of 8M, down from 15M previously, along with lower content sales/licensing revenue and the impact of Walt Disney World closures for Hurricane Ian.

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