Wells says Disney spinning ESPN/ABC ‘a reasonably probable event’ for late 2023

Wells Fargo analyst Steven Cahall thinks Bob Iger is returning to Disney to make big changes. Spinning ESPN/ABC is the best path forward, he argues, adding that he sees it as "a reasonably probable late-’23 event." Cahall believes splitting would leave remaining Disney as an attractive pure-play IP company. The analyst has an Overweight rating on the shares with a price target of $125.