An analyst who recently downgraded Walt Disney Co. stock says weakness in the company’s parks division is negatively impacting its near and medium-term outlook.
Ric Prentiss, managing director of tech, media and telecom research at Raymond James, joins BNN Bloomberg and talks about Raymond James downgrading Disney to market perform.
Some of those pressures include extreme weather events which have impacted travel to the company’s parks in Asia and Florida, he said, as well as decreased attendance to Disneyland Paris this summer as the nearby Olympic games pulled visitors away. More broadly, Prentiss said Disney is dealing with an overall flattening of demand as the post-pandemic travel surge normalizes.“Consumers also are still digesting some price increases at the park – it’s a very expensive vacation now. Prices have increased over the last four years and let’s face it… there’s some concern about how strong the consumer outlook is.”
“You’ve got a major competitor getting ready to launch; Universal Epic Universe in Orlando is going to open this coming summer, which we think could add extra pressure in the short term,” he said.
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