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Benzinga
Benzinga
Business
Adam Eckert

Why Disney Shares Are Falling Today

The Walt Disney Co (NYSE:DIS) is trading lower Friday following bearish analyst coverage from Guggenheim.

Guggenheim analyst Michael Morris downgraded Disney from a Buy rating to a Neutral rating and announced a $165 price target.

Morris cites concerns around the pace of the company's earnings growth in its direct-to-consumer and parks businesses as a reason for the downgrade. 

The Guggenheim analyst highlighted Disney's most recent 10K filing in which the company said it expects total programming spend to increase by $8 billion in 2022.

"The Company currently expects its fiscal 2022 spend on produced and licensed content, including sports rights, to be as much as approximately $33 billion, or approximately $8 billion more than fiscal 2021 spend of $25 billion," Disney said.

See Also: Why JPMorgan Shares Are Sliding Today

DIS Price Action: Disney has traded as low as $142.04 and as high as $203.02 over a 52-week period.

The stock was down 3.63% at $149.80 at time of publication.

Photo: StockSnap from Pixabay.

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