Guggenheim Securities analyst Michael Morris on Monday raised his subscriber forecast for Walt Disney streaming service Disney+ 'to reflect the company’s announcement of 50 million global Disney+ subscribers as of April 8'
Guggenheim Securities analyst Michael Morris on Monday raised his subscriber forecast for Walt Disney streaming service Disney+ "to reflect the company's announcement of 50 million global Disney+ subscribers as of April 8."
He lowered his near-term financial estimates for Disney amid the coronavirus pandemic, but raised his 12-month stock price target from $100 to $108 "reflecting higher long-term estimates at Disney+.", will reach 226 million global subscribers by the end of fiscal year 2024, up from his previous estimate of 135 million subscribers.
"For comparison, we forecast that Netflix will have 292 million global paying subscribers by year-end 2024, up from 167 million at the end of 2019," Morris wrote. Looking ahead at Disney's next quarterly earnings report, the first since the coronavirus pandemic, Morris wrote: "We expect investors to be particularly focused on Disney+ subscribers, average pricing and outlook.
His estimate is for the closures to "negatively impact segment operating income by about $750 million compared to $507 million reported at international parks and resorts in fiscal year 2019." Added the analyst: "Our assumption is that prolonged closures and a slow return of attendance at both Shanghai and Hong Kong for the balance of the year will result in revenue declines of 75 percent, 50 percent and 30 percent over the next three quarters.
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