Barron’s said Disney shares have a “tough road ahead” and aren’t likely to rebound anytime soon.
Shares of the Walt Disney Co. are down more than 60 percent so far this year and aren’t expected to recover anytime soon as the company is likely to announce a “painful cycle” of earnings cuts in the months ahead that will make the stock look even more unattractive to investors, according to a new report.Disney shares have a “tough road ahead” and aren’t likely to rebound anytime soon.
Adding to the challenges is the likelihood Disney will have to adjust its earnings estimates down in the coming quarters to align with Wall Street’s expectations. “Another painful cycle of cuts to earnings forecasts appears to be in the cards for Disney’s fiscal 2023, meaning the shares will have to fall further or their price-to-earnings ratio will rise, making the stock look even more expensive,” Barron’s said.
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