4 big analyst cuts: Disney slashed at KeyBanc amid 'meaningful uncertainty'
Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at Pfizer, Walt Disney, Delek Logistics, and Inter.
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Walt Disney downgraded at KeyBanc
KeyBanc cut Walt Disney (NYSE:DIS) to Sector Weight from Overweight, noting it prefers to step aside and wait for further catalysts amid a period of "meaningful uncertainty." It added, "Buying the dip has been a losing trade."
The firm delineated five reasons for the downgrade:
1) DIS Domestic Parks expectations appear high;
2) DIS DTC [direct-to-consumer] subscriber growth has stalled, and DIS has failed to differentiate its DTC churn vs. peers;
3) ESPN moving to streaming is materially harder than we initially thought, as our survey work shows low willingness to pay;
4) structural changes in content distribution have resulted in DIS content sales segment business that is unlikely to make money for the foreseeable future; and
5) we worry the 2024 financial setup feels a lot like 2023.
Pfizer downgraded to Neutral
Credit Suisse downgraded Pfizer (NYSE:PFE) to Neutral from Outperform and cut its price target to $40.00 from $47.00, as reported in real-time on InvestingPro.
The analyst believes Pfizer is entering "a period of uncertainty and limited pipeline catalysts," adding that it sees "greater opportunity for growth" among U.S.-based peers. Along with this, it also trimmed the company's 2023 and 2030 revenue and EPS estimates.
Shares were down fractionally in the premarket.
2 more downgrades
Citi downgraded Delek Logistics Partners (NYSE:DKL) to Sell from Neutral with a price target of $47.00.
Inter (NASDAQ:INTR) shares fell more than 3% pre-market today after JPMorgan downgraded the company to Neutral from Overweight.
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