Wells Fargo says Disney has rerated to higher lows, but for the shares to break-out, investors need to see that Disney+ average revenue per user can expand, “dropping through to a sharp” direct-to-consumer operating income inflection ahead. Sports and content are also key debates for investors in fiscal 2024 and 2025, the analyst tells investors in a research note. The firm believes Disney’s Parks and free cash flow “remain solid.” It keeps an Overweight rating on the stock with a $115 price target into the company’s fiscal Q1 report.
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