Walt Disney Co DIS shares are trading lower Thursday after the company reported financial results. Several analysts lowered price targets on the stock following the company’s results.
Disney said fiscal second-quarter revenue grew 23% year-over-year to $19.25 billion, which beat the $18.88-billion estimate. The company reported quarterly adjusted earnings of $1.08 per share, which beat the estimate of $1.07 per share.
“Our strong results in the second quarter, including fantastic performance at our domestic parks and continued growth of our streaming service … once again proved that we are in a league of our own,” said Bob Chapek, CEO of Disney.
Disney said its media and entertainment segment grew 9% year-over-year to $13.6 billion. Total Disney+ subscribers reached 137.7 million in the quarter, up 33% year-over-year.
Disney said quarterly revenue for its parks, experiences and events segment totaled $6.65 billion, representing an increase of 110% year-over-year.
- Keybanc analyst Brandon Nispel maintained Disney with an Overweight rating and lowered the price target from $216 to $151.
- Credit Suisse analyst Douglas Mitchelson maintained Disney with an Outperform rating and lowered the price target from $218 to $170.
- Rosenblatt analyst Barton Crockett maintained Disney with a Buy rating and lowered the price target from $177 to $174.
- Wells Fargo analyst Steven Cahall maintained Disney with an Overweight rating and lowered the price target from $182 to $153.
- RBC Capital analyst Kutgun Maral maintained Disney with an Outperform rating and lowered the price target from $210 to $176.
DIS Price Action: Disney shares are making new 52-week lows on Thursday.
The stock was down 5.24% at $99.70 at press time.
Photo: 652234 from Pixabay.